Key News Asian equities rebounded on light volumes following yesterday’s steep sell-off. One media outlet called yesterday “Black Monday” after the US’ 1929 market crash. Meanwhile, Taiwan and South Korea were both up nearly +3%, India and Singapore underperformed, and Indonesia, Malaysia, and Pakistan all continued to be closed for Eid al-Fitr. Hong Kong and Mainland China posted small gains though off intra-day highs as the Shanghai, Shenzhen, Hang Seng, and Hang Seng Tech indexes have all eased back to the February levels. An astonishing 49% of Hong Kong turnover was driven by Southbound Stock Connect trading as Mainland investors…

Interest rates are trending lower, which means real estate investment trusts (REITs) are rallying. These “bond proxies” tend to move alongside bonds and opposite rates. If you believe the economy is likely to continue slowing, then select REITs are intriguing income plays here. Especially those yielding between 7.2% and 13.2%, which we’ll discuss shortly. As I’ve been saying for a few weeks, the real story is in longer rates, namely the 10-year Treasury. To recap, Treasury Secretary Scott Bessent has been upfront that he and President Trump are focused on the 10-year Treasury rate (the “long” end of the yield…

In our Thursday article, we talked about a “quiet shift” in the markets, from growth stocks to value—and we named 2 CEFs yielding 9%+ that are primed to profit from it. Yes, the recent jump in volatility is a big reason for that. So today, we’re going to look at another side of the rotation we’re seeing—a shift from passive investing to active. Index Funds Are so 2023 As we move further into 2025, it’s getting clearer to me that we’re into a stock-picker’s market. Sitting in an index fund just won’t cut it. That said, at my CEF Insider…

On March 17, the Census Bureau released results for retail sales in the month of February. These numbers are particularly useful because they help tell the story about what consumers are spending on vs. where they are penny pinching as well as what they prize on the budgetary front. It is also key to bear in mind that potential for tariffs, uncertainty around inflation, and a holiday spending hangover are part of the equation heading into the month. Let’s take a look. Total sales eked up to $722.7 billion from $721.3 billion in the month. Although a higher number often…

Mining stocks are stepping out of gold’s shadow. After years of lagging the metal they mine, gold miners are starting to outperform. The GDX Index — a benchmark index for the sector — is up roughly 28% this year, compared to a 19% gain for gold itself. The shift comes as gold spot prices hit a record $3,142 per ounce, setting the stage for earnings upgrades and a shift in sentiment. “Gold miners offer operational leverage to gold price upside, potential growth and dividend yields,” wrote UBS analyst Daniel Major in a recent note to clients. Still, miners’ leverage hasn’t…

Key News Asian equities were lower overnight as Japan, South Korea, and Taiwan were down more than -3% ahead of Trump’s “Liberation Day,” while India, Indonesia, Malaysia, Pakistan, the Philippines, and Singapore were closed for Eid al-Fitr, an Islamic holiday marking the end of Ramadan. Hong Kong and Mainland China were down but by less than 1%. The Hang Seng and Shanghai benefited from the strong performance of banks following the Ministry of Finance’s announcement over the weekend that the proceeds from the issuance of a Special Government Bond, totaling RMB 500 billion, will be used to raise the Tier…

You’re probably hearing a lot – much of it malarky – about how to position your investment portfolio in an age of tariffs and trade wars. One piece of advice you may hear, which at least makes some sense, is that mid-capitalization stocks are less dependent on foreign suppliers and foreign markets than large companies are. I think in general that’s true, but of course what matters is a company’s specific situation. I define mid-caps as stocks with a market value between $1 billion and $10 billion. (Some people put the range at $2 billion to $10 billion.) I’ve always…

“A gold standard would restore integrity and stability to the U.S. dollar and the international monetary system—qualities that have been sorely missing for years.” — Steve Forbes, Chairman and Editor-in-Chief of Forbes Media In a year of remarkable market volatility, one asset class has quietly outperformed all others: gold. While the NASDAQ has declined 12.2% year-to-date, gold has surged an impressive 27.2%. This striking 39.4% performance gap tells a story that many economists and policymakers are reluctant to acknowledge—that in times of economic uncertainty, investors still turn to history’s most enduring store of value. As the United States engages in…

U.S. stocks stumbled into the end of the first quarter, with the S&P 500 sliding 5.1% and finishing 3.1% below its 200-day moving average. The post-election optimism that excited markets late last year has given way to unease as investors confront rising policy uncertainty and new geopolitical risks. However, despite the market turmoil in America, some regions of the world oddly benefit from the Trump administration’s change in geopolitical strategy. Europe, after years of stock market irrelevance, is finally starting to shine. European equities just delivered their strongest quarterly performance in decades, outperforming the S&P 500 by 18.4% in dollar…

The stock market selloff has laid bare a crisis of confidence on Wall Street over Washington’s policy direction, and tax-cut optimism — even the cuts themselves — may be not enough to lift investor spirits. “The pace and sequencing of policy reform appear to have structurally impaired confidence, impeding growth forecasts,” said Lisa Shalett, Chief Investment Officer at Morgan Stanley, in a note to clients. Meanwhile, the policy pivot to deregulation and tax relief Wall Street has been banking on since the election remains elusive. The problem isn’t just politics; the math simply doesn’t add up. Even under the Republican…