Excess Returns

Spending Is Up 7%. Paychecks Are Up 3%. What Happens When Stocks Stop Paying the Difference?

Bob Elliott and Aahan Menon examine how stock-market wealth is helping consumers spend faster than their paychecks grow—and what that means for corporate profits if stock

The Liquidity Cycle Has Turned | Michael Howell on What It Means for Investors

Michael Howell of CrossBorder Capital explains why slowing global liquidity could challenge stocks even as AI earnings remain strong. His concern is a growing competition

Seven Stocks Are 41% of the S&P | John Davi on Building Portfolios Beyond the Mag 7 Bet

John Davi of Astoria Investment Management explains how he builds diversified portfolios in a tech dominated market. With Jack Forehand and Justin Carbonneau, Davi walks

Chip Stocks Look Cheap. AI Spending Is Surging. So Why Is Cameron Dawson Watching for Peak Earnings?

Cameron Dawson and Dave Nadig join Matt Zeigler to examine what could break the market's resilience, from AI earnings expectations to the wealth effect supporting consume

Tech is Selling Off. AI Debt Fears Are Rising. So Why Does a $4B Manager See a Reverse Bubble?

Jay Hatfield of Infrastructure Capital Advisors makes the case for an AI "reverse bubble" and explains how earnings growth, interest rates, and valuation shape his market

The S&P 500 Is Just 50 Stocks. The Nasdaq Is a 67% AI Bet. Kai Wu on What Else Is Hiding in Your Funds

Kai Wu of Sparkline Capital shows how to uncover hidden AI exposure, overlapping ETF holdings, and unintended factor bets in your portfolio. Owning several funds can stil

Dr. Daniel Crosby on Behaviorally Optimal Portfolios, Risk Composure and the Casino Myth

Daniel Crosby explains why investors can lose money in winning funds and how to build a portfolio they can actually hold. Picking the right investment is only part of the

Baird's Tech Strategist Says This Isn't 2000. So Why Is He Warning Against Buying the Dip?

Ted Mortonson of Baird explains why conviction in the AI boom doesn't mean buying every dip in tech stocks. He joins Jack Forehand and Justin Carbonneau to explain what

He Asked 25 Finance Pros How They Invest Their Own Money: Brian Portnoy on What the Models Get Wrong

Brian Portnoy of Shaping Wealth explores why experienced investors build very different portfolios—and what that means for your own money. In How I Invest My Money Volum

Rob Arnott on the Hidden Costs of Passive Investing and the Real Winners From AI

Rob Arnott, founder of Research Affiliates and chairman of Syzygy Asset Management, examines S&P 500 concentration and who could benefit most from AI. Owning today’s mark

The S&P 500 Is Only 50 Stocks. 70% of the Index Is in a Correction. Did the Sell-Off Already Happen?

Paisley Nardini of Tema ETFs explores AI investing, S&P 500 concentration, and how to build a portfolio around changing market risks. How can investors participate in pow

We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out

Colin McQueen of T. Rowe Price explains what is changing for international value stocks and how he separates cheap businesses from opportunities that can improve. Higher

Tech Is Rolling Over. Yields Are Falling. Why Jim Paulsen is Watching the Walmart Recession Signal

Jim Paulsen sees a risk of a stock market correction as financial conditions tighten and investors grow comfortable with tech's long run of leadership. But his warning do

AI Productivity Is Real. 83% of Stocks Are 10% Off Highs. Why Does Barry Ritholtz Like Bonds Again?

Barry Ritholtz, Dave Nadig and Matt Zeigler explore why AI's real productivity gains don't automatically translate into an investing edge. From stock picking and market c

The Winners That Get Away | Chris Davis and Robert Hagstrom on Holding Great Businesses

Chris Davis and Robert Hagstrom explore the tension between holding great businesses and keeping a winning stock from becoming too much portfolio risk. Why do two investo

Katie Stockton Still Sees a Bull Market. So Why Is Her ETF Only 50% in Stocks?

Katie Stockton of Fairlead Strategies explains why the S&P 500 can reach record highs while many individual stocks struggle. She sees the bull market as intact, but weake

Tom Maher on Small-Cap Investing, AI Infrastructure and Opportunities Beyond Big Tech

Tom Maher of Hilton Capital Management explains what is changing for small-cap stocks as earnings improve and AI spending reaches beyond big tech. After years of justifie

Ed Yardeni Still Sees S&P 10,000 by 2029. So Why Is He Getting More Cautious?

Ed Yardeni of Yardeni Research explains why he still sees the S&P 500 reaching 10,000 by 2029, even as higher oil prices and bond yields make him more cautious near term.

The 10-Year Hit a 24-Year High. Nobody Is Buying Puts. Are You Watching the Wrong Market?

Andy Constan, Brent Kochuba and Eric Pachman examine rising bond yields, options positioning and the inflation risks facing stocks. What happens if the rate relief trader

They Beat All US Stock Funds Since 2003 | Michael Baron on the AI Winners Investors Miss

Michael Baron of Baron Capital explains his case for AI beneficiaries beyond the biggest tech stocks, including software companies the market fears will be disrupted. He