Market Commentary

Timely takes on markets and the economy.

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Why Bitcoin's Attack Costs Matter for Valuation

Bitcoin's valuation may be supported by the high estimated cost, complexity, and uncertainty of a 51% attack relative to potential attacker rewards.

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On Investing

AI Concentration & the Case for Rebalancing

As AI reshapes markets, Liz Ann and Collin explore portfolio rebalancing, bond investing opportunities, and what to watch from the Fed.

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Bond Insights

When to Consider Out-of-State Munis

Although investing in in-state municipal bonds may have tax advantages, there can be good reasons to buy out-of-state munis.

Onward Archive

What's in the Fed's Toolbox?

What the Fed's monetary-policy tools signal about the market.

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On Investing

A Sigh of Relief on Inflation

A cooler CPI report brought welcome news for investors, but persistent inflation pressures and higher oil prices continue to complicate the Fed's outlook.

Navigating the Global Earnings Boom

The global earnings boom may support stocks, but concentration risks remain. Investors should consider diversifying beyond a narrow group of AI beneficiaries.

Onward Archive

Muni Bonds and Extreme Weather

Some municipalities are more susceptible to weather-related risk than others. Here are three ways to help weather-proof your muni portfolio.

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On Investing

Welcome to the Next Temperamental Era

This episode examines the growing case that investors have moved beyond the low-inflation, low-volatility "Great Moderation" Era and into a new "Temperamental" Era.

Great Moderation Era: Drift(ing) Away

The Great Moderation has given way to a more volatile era, where inflation shocks and market dispersion favor flexibility and diversification.