Corporate Profits 🚀

+ Rick Rieder, Graham Weaver, Aaron Levie, Vinod Khosla, Global Wealth & More

Author

The Idea Farm
July 27, 2025

sSponsored by

“If it's in the papers, it's in the price.”

— Bill Miller

Research

BlackRock - Fixed Income Outlook (16 pages)

Rick Rieder explains why he believes “the current fixed income landscape provides generational opportunity for bond allocations.”

BCG - Global Asset Management Report: From Recovery to Reinvention (26 pages)

BCG’s 23rd Global Asset Management Report contends that while industry AUM increased by 12% to a record $128 trillion in 2024, managers now need to move “from recovery to reinvention,” retooling product line-ups toward low-fee ETFs and retail-friendly private-market funds.

The St. Louis Fed analyzes the post-COVID-19 upswing in U.S. corporate profits, highlighting how growth was led by domestic non-financial industries like retail, wholesale trade, construction, manufacturing, and health care.

Man Group explains how trend-followers can take advantage of market dispersion by diversifying across multiple markets simultaneously.

Past performance is not indicative of future results.

The 16th edition of the Global Wealth Report provides a detailed view of wealth in over 50 key markets across the globe. Two stats:

  • 35% of wealth worldwide is held by the US.

  • 39.7% of the world’s millionaires are based in US—4x as many as mainland China.

Bonus Content

Carta published their Q1 2025 VC Fund Performance Report based on insights from over 2,500 venture funds. Link

A Jane Street co-founder says he was duped into funding AK-47s for coup. Link

Vinod Khosla gave a masterclass on how to effectively pitch to VCs, covering what investors look for and how to craft a compelling narrative (63 minutes). Link

An analysis of private equity companies showed they are smaller, more leveraged, pay higher interest rates, and have lower margins than public companies. Link

Global Asset Allocation

The Cambria Global Asset Allocation ETF utilizes a quantitative approach to manage a diversified portfolio of global asset classes. GAA is an unconstrained, go-anywhere global strategy that targets an allocation of:

  • 45% global stocks

  • 45% global bonds

  • 10% to other asset classes such as commodities, currencies,

    real estate and alternative strategies

Distributed by ALPS Distributors, Inc. Investing involves risk, including possible loss of capital. To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.

Podcasts

5/27/2025 - 90 minutes

Private-equity founder Graham Weaver walks through Alpine Investors’ unique strategy, which focuses on the thousands of $20 million revenue businesses whose baby boomer owners want to retire, but lack succession plans.

3/31/2025 - 41 minutes

Mike Maples speaks with Box founder Aaron Levie about the origin story of Box in 2005, lessons learned along the way, and how the company looks to reinvent itself in the era of AI.

6/3/2025 - 49 minutes

Sharenow leads PIMCO’s commodity and real asset strategies. He discusses the forces driving inflation, how investors can navigate today’s evolving macro environment, and why diversification is essential when hedging inflation risk.

What Else Is Happening

Helping Clients Navigate the “Big Beautiful Bill”

While the Big Beautiful Bill reshapes tax and policy landscapes, its complexity creates new planning opportunities. Download YCharts’ deck to identify planning opportunities, calm client concerns, and sharpen your guidance.