Inside the Consumer Price Index: March 2026
The Bureau of Labor Statistics’ March 2026 CPI report breaks down consumer spending into eight weighted categories, with food, shelter and clothing together representing over 60% of the index. Medical care, housing and food have each more than doubled in price since 2000, while apparel remains flat. Energy, split between transportation fuels and household utilities, accounts for just 6.3% of total CPI, yet drives volatility in headline inflation. Core CPI, which strips out food and energy, rose 2.6% annually versus a 3.26% headline rate in March.
Finance Titans Bet Mideast Resilience Will Outweigh War Fallout
Wall Street’s biggest banks and private‑equity firms are deepening their Gulf foothold despite Iran’s missile attacks and a two‑week cease‑fire. Blackstone announced a $250 million private‑equity commitment, while Citi’s CEO Jane Fraser reiterated confidence in the region. Goldman Sachs is pursuing...
A 1,300% Rally Turns a Tiny Shipping ETF Into an Iran War Gauge
Breakwave Tanker Shipping ETF (BWET) has exploded 1,300% over the past year, rising from about $10 to nearly $150 per share, making it 2026’s top‑performing US‑listed ETF. The fund’s performance is tightly tied to VLCC freight rates, especially the cost...
Muhlenkamp Quarterly Market Commentary – April 2026
U.S. and Israeli forces resumed combat against Iran in late February, prompting Tehran to close the Strait of Hormuz and launch missile strikes on Gulf energy infrastructure. The conflict lifted crude oil to about $102 per barrel, boosted the DXY...
What Happens Next
U.S. economic data for March showed continued manufacturing expansion and a surprisingly strong labor market despite ongoing Middle East tensions. The ISM Manufacturing index rose to 52.7, marking the third consecutive month above the neutral 50 threshold. Non‑farm payrolls increased...
The Value Of Financial Therapy For Men In Power
The new book *Financial Therapy for Men* argues that even billionaires suffer hidden emotional wounds that shape their financial decisions. It explains how protective internal parts—such as relentless productivity and suppressed vulnerability—can trigger aggressive, fear‑based choices that cost companies billions....
Building Business: A Strategic Approach to Referrals and COIs
Brian Shapiro argues that referrals and centers of influence (COIs) remain the most cost‑effective lead sources for wealth‑management advisors. He outlines a four‑step referral process—identifying ideal referrers, simplifying the ask, timing requests, and acknowledging contributors. The article also details a...
Cyber Stocks Look to Go From Losers to Winners
Cybersecurity stocks have lagged the broader software market this year, with the Global X Cybersecurity ETF down 15% YTD, yet analysts argue AI‑driven threats could reverse the trend. AI agents expand the attack surface, prompting enterprises to boost security spending...
Wall Street Watchdogs Pull Back Amid Trump’s Deregulatory Push
The Trump administration is accelerating a broad deregulation drive, reshaping U.S. financial oversight. The SEC’s workforce fell 18% since 2024 and it has dropped dozens of crypto enforcement actions, while the CFTC trimmed staff by 25% and is seeking greater...
BlackRock, State Street Target Invesco’s $379 Billion Tech Grip
Wall Street’s two largest ETF managers, BlackRock and State Street, have filed paperwork to launch pure Nasdaq 100 ETFs, challenging Invesco’s long‑standing monopoly on the index. Invesco’s flagship QQQ Trust, which manages about $379 billion, could face fee‑driven competition from the newcomers....
Sam Altman Is Ignoring a Secret Weapon for His IPO
OpenAI closed its video generator Sora and rejected a $1 billion Disney investment to concentrate resources on a new model codenamed Spud, which underpins its "unified AI superapp" strategy. The company recently completed a $122 billion funding round that values it at...
Market Valuation, Inflation and Treasury Yields - March 2026
The latest Advisor Perspectives update shows the P/E10 ratio soaring to 37.1, well above its 17.7 historical average, while inflation runs at 2.66%—inside the 1.4‑3.0% “sweet spot” that historically supports higher valuations. Simultaneously, the 10‑year Treasury yield has risen to...
The Stock Market Rally: Buy Or Fade It?
Last week the S&P 500 rallied 3.4% and the Nasdaq 4.4%, but the move stalled at key technical levels. The Money Flow Breadth Ratio fell to 35%, indicating sustained institutional selling pressure. Meanwhile, oil surged above $110 per barrel, pushing inflation...
Long-Term Bullish, Near-Term Cautious
Jeremy Siegel notes that the U.S. economy remains resilient, with March payrolls exceeding expectations and unemployment edging lower. However, a still‑tight labor market, accelerating M2 growth, and rising oil prices from an ongoing geopolitical conflict make near‑term Federal Reserve easing...
Continuing Consequences From the US-Iran Conflict
The US‑Iran conflict has forced the closure of the Strait of Hormuz, driving crude oil prices up 83% to over $110 a barrel and pushing U.S. gasoline to $4.79 per gallon. Higher energy costs are feeding persistent inflation, complicating the...
Energy, Materials Propel NDIV to Strong March Performance
The Amplify Energy & Natural Resources Covered Call ETF (NDIV) posted a 13.99% total return for March, driven primarily by its heavy exposure to energy and materials. Energy accounted for roughly 80% of the index and delivered an 8.90% return,...
Why Gold’s Liquidity Crunch Could Be a Buying Opportunity
Gold’s price plunged from a January high of just under $5,600 to around $4,400 by late March, driven primarily by a liquidity squeeze rather than a shift in fundamentals. Investors and central banks sold gold to raise cash, while Iran‑Hormuz...
Advisors Weigh Crypto Portfolio Strategies
At the Exchange conference, financial advisors debated Bitcoin’s role in portfolios, with 70 percent labeling it a high‑beta tech stock rather than digital gold. Panelists from Grayscale, Osprey and Kaiko advocated indexing crypto assets beyond Bitcoin and Ethereum to reduce selection...
Regression to Trend: S&P Composite 184% Above Trend in March
Regression analysis shows the inflation‑adjusted S&P Composite Index sitting 184% above its long‑term trend as of March 2026, far exceeding the historical average annual growth of 2.01% since 1871. The index has remained above trend for nearly three decades, with only...
Managing ETF and Mutual Fund Exposure Across Asset Classes
Advisors in 2026 must treat ETFs and mutual funds as complementary tools rather than competing structures. Higher‑for‑longer rates and heightened U.S. equity concentration have made active duration management and exposure auditing essential. ETFs dominate core, low‑cost, liquid exposures while active...
S&P Global Services PMI: First Decline Since January 2023
The S&P Global U.S. Services PMI slipped to 49.8 in March, marking the sector’s first contraction since January 2023 and missing the 51.1 forecast. The dip reflects a near‑stalled 0.5% annualized growth rate, with consumer‑facing services experiencing one of the steepest...
Teaching the Next Generation About Wealth and Responsibility
Generational wealth often disappears not because of poor investments but due to missing communication, financial literacy, and stewardship frameworks. Studies cite that about 70% of families lose wealth by the second generation and 90% by the third, highlighting a behavioral...
BlackRock Files to Challenge Invesco’s Nasdaq 100 ETF Monopoly
BlackRock has filed with the SEC to launch an iShares Nasdaq 100 ETF, ticker IQQ, marking its first pure Nasdaq 100 product in the U.S. market. The move challenges Invesco’s long‑standing dominance of the index, which currently powers the $374 billion QQQ Trust...
International Equities Back in Focus as Market Leadership Shifts
AllianceBernstein’s recent due‑diligence session highlighted a dramatic shift in equity markets, with the MSCI EAFE index gaining 32% in 2025, outpacing the S&P 500’s 18% rise. International stocks continue to trade at roughly a 30% discount to U.S. equities on a...
US Stocks Rise as Dip Buyers Return Amid Ceasefire Hopes
U.S. equities nudged higher on Tuesday as investors returned after a dip, spurred by diplomatic talks toward a cease‑fire in the Iran‑Hormuz dispute. The S&P 500 rose 0.2% and the Nasdaq 100 gained 0.4% while crude oil edged up after OPEC+ signaled...
US Bonds Steady as Traders Bet War Uncertainty Keeps Fed on Hold
Bond traders entered the week betting the Federal Reserve will keep interest rates on hold, leaving two‑year Treasury yields near 3.86% and 10‑year yields around 4.34%. The market’s steadiness reflects lingering uncertainty from the Iran‑U.S. conflict, especially after President Trump...
Highest Quarterly Hike Percentage Since 2019
Dividend‑increase announcements in Q1 2026 reached 45 %, the highest level since Q1 2019. Mega‑cap firms led the surge, with over 60 % raising payouts, while small‑caps only 38 % increased and many kept cash. Regional cuts were pronounced in Asia‑Pacific and Oceania, and price‑adjustment...
Trump and the Global Chessboard
Geopolitical tensions are unlikely to evolve into a prolonged conflict, limiting long‑term economic disruption. Higher oil prices add volatility, but modest growth and stable policy expectations keep markets anchored. Diverging central‑bank outlooks and bearish dollar positioning set the stage for...
The Macro Implications of Chipflation
AI‑driven data‑center expansion and heightened defense spending have pushed semiconductor prices sharply higher, with DRAM costs rising roughly 17‑fold over the past year. This demand surge is concentrated in developed Asian economies—Japan, South Korea and Taiwan—where advanced chip production fuels a...
Paying Advisors: Considerations Surrounding Cash Compensation
RIAs must move from informal pay decisions to scalable, strategic compensation structures as they grow. The article outlines common cash compensation models—pure AUM‑based, salary‑plus‑bonus, and hybrid approaches—highlighting how each aligns advisor incentives with firm economics. It also examines bonus design,...
Chicago PMI Expands for Third Straight Month
The Chicago Purchasing Managers’ Index fell 4.9 points to 52.8 in March, marking the third consecutive month of expansion despite missing the 54.8 forecast. A reading above 50 signals growth, but the decline suggests weakening momentum. Historically, 52.8 is lower...
Warren Buffett Warns He’s Watching Stability of Banking System
Warren Buffett warned that the banking system is showing signs of fragility as it becomes more intertwined with non‑bank players, urging the Federal Reserve to prioritize financial stability. He highlighted the risk that distress at one institution could quickly spread...
Energy Policy Support And Its Fiscal Price
Governments worldwide are intervening in the latest energy price shock with subsidies, price caps, and cash transfers, pushing costs onto public finances. In Asia, where energy and food make up half of inflation baskets, measures range from Philippines cash aid...
How Advisors Are Leveling Up With 351 ETF Conversions
Section 351 ETF conversions are emerging as a growth engine for registered investment advisors, allowing them to bundle existing client assets into a new exchange‑traded fund without triggering immediate capital‑gains taxes. The process streamlines trading, rebalancing, and compliance while preserving the...
DoubleLine’s Jeffrey Sherman on the Fed’s TACO Trade & Fixed Income Strategy
At the Exchange conference, DoubleLine deputy CIO Jeffrey Sherman warned that the market’s expectation of a quick Fed rate cut—dubbed the TACO trade—is premature. He said the Fed will stay on autopilot until labor market weakness appears, and he pinpointed...
Muni Monthly: February 2026
Franklin Templeton’s February 2026 Muni Monthly is accompanied by an extensive legal disclaimer that emphasizes the material is for general interest only and not investment advice. The notice clarifies that past performance does not guarantee future results, highlights potential loss...
How Rebalancing Helps Keep Your Portfolio on Track
Rebalancing restores a portfolio’s original risk‑return mix after assets drift due to uneven performance. Without periodic adjustments, high‑return, higher‑risk holdings can dominate, exposing investors to unintended volatility. The article outlines three main rebalancing methods—time‑based, drift‑based, and buy‑and‑hold—each with distinct cost...
What Tax Season Reveals About Portfolio Implementation
Tax season highlights that portfolio implementation can be as critical as asset selection, with separately managed accounts (SMAs) delivering systematic tax‑loss harvesting that adds roughly 1–2% annual tax alpha. Advisors are increasingly using SMAs to capture loss‑harvesting opportunities quickly during...
WisdomTree Launches 2 New ETFs Rooted in Moving Averages
WisdomTree introduced two new ETFs—WAMA for U.S. equities and WIMA for international large‑cap stocks—both built around an adaptive 200‑day simple moving average (SMA) rule. The funds enter equity positions when the index closes at least 1% above the SMA for...
The Ups and Downs of Stock Market Volatility
The article outlines that stock market indexes are unmanaged instruments that incur no management fees or transaction costs, yet they cannot be bought directly by investors. It emphasizes that any investment strategy involving indexes must be evaluated for individual suitability,...
Uncovering Opportunity Amidst Rates Repricing
The escalation of hostilities between the U.S. and Iran has disrupted oil supplies, prompting a reassessment of U.S. interest‑rate expectations. Market participants now price a modest probability of a Fed rate hike, pushing the MOVE index higher and widening rate‑volatility...
Crude Awakening
The Cboe Crude Oil ETF Volatility Index (OVX) has surged to 108, roughly three times its level at the start of 2026, as the U.S.-Israeli conflict with Iran disrupts about 20% of Persian Gulf oil output. This spike eclipses volatility...
Treasury Yields Snapshot: March 20, 2026
Treasury yields climbed on March 20, 2026, with the 10‑year note reaching 4.39% and the 2‑year at 3.88%, the highest levels since July 2025. The 10‑2 spread turned negative in early September 2024 and stayed inverted until early September 2024, reviving its reputation as a...
How Active ETFs Brought Muni Bonds Investing to Life
Active municipal‑bond ETFs have transformed a traditionally static fixed‑income segment by pairing tax‑exempt muni exposure with the liquidity and transparency of the ETF structure. The 2019 ETF rule spurred a wave of product innovation, allowing active managers to dynamically adjust...
Homebuyers and Builders Look Ready for a Truce
Entry‑level homebuilders and buyers appear to be reaching a tentative truce, highlighted by Lennar Corp.'s aggressive price cuts and incentive programs. Over the past four years Lennar lowered average selling prices by 22%, while construction costs fell 7% and its...
Personalized Investment Models for Retirement Plans & IRAs
Target‑date funds (TDFs) are increasingly criticized for a one‑size‑fits‑all, set‑and‑forget structure that can leave participants over‑exposed to risk as they near retirement. Yaqub Ahmed and other industry experts propose a personalized framework that blends academic lifetime‑investing theory with individual risk...
AI Credit Boom Brings New Risks for Bond Investors
AI-driven data‑center spending is flooding bond markets with unprecedented infrastructure debt, exemplified by the $27 billion Beignet Investor joint venture between Meta and Blue Owl. T. Rowe Price warns that many of these bonds are concentrated in a handful of hyperscaler tenants, creating...
$20 Billion Club: Slow & Steady Funded Status Progress
The $20 billion club of the largest U.S. defined‑benefit sponsors has seen funded status rebound strongly since the 2008 crisis, driven by disciplined risk management and liability‑hedging tactics. Sponsors have embraced LDI overlays, derivatives, and a higher share of fixed‑income to...
Apollo Plans to Mark Private Credit Daily, Answering Critics
Apollo Global Management, which oversees $938 billion in assets, announced it will begin reporting net asset values for its private credit funds on a monthly basis, with plans to move to daily NAVs and third‑party valuations. The initiative comes as the...
Undervalued S&P 500 Stocks For Growth & Income, or Both (Part 2)
The FAST Graphs video series highlights that despite the S&P 500’s overall high valuation, many constituents remain attractively priced. Chuck Carnevale demonstrates how to use earnings yield, dividend yield, and cash‑flow multiples to pinpoint stocks offering growth, income, or both. Companies such...
