News

03/24/26  |  Chart of the Month

Software Stocks, AI Disruption, and the Importance of Diversification

The software industry has declined nearly -30% from its peak last October, one of the largest non-recessionary drawdowns in over 30 years. Figure 1 puts the decline in historical context alongside the other major software selloffs. The two largest drawdowns before the current one, the dot-com bust and the 2008…

02/17/26  |  Chart of the Month

Why Two Identical Salaries Can Lead to Very Different Retirement Lifestyles

Many people spend their careers focused on reaching the next salary milestone or securing a promotion, but financial progress shouldn’t be measured by your paycheck alone. The decisions you make in your peak earning years are just as important as the size of your paycheck. One of the most significant…

01/17/26  |  Chart of the Month

Bonds Are Starting to Act Like Bonds Again

The bond market is emerging from a turbulent few years marked by shifting market conditions and increased volatility. Figure 1 graphs the MOVE Index, a measure of volatility in the U.S. Treasury market. Like the more well-known VIX Index, higher readings signal expectations for more bond market volatility. The bond…

12/26/25  |  Chart of the Month

Portfolio Allocation Drift: Is It Time to Rebalance Small Cap Exposure?

The S&P 500 has delivered strong returns over the past two years, setting 57 all-time highs in 2024 and adding more than 35 in 2025. Large-cap stocks have benefited from a combination of AI enthusiasm, resilient earnings, and strong economic growth. However, one corner of the market has been noticeably…

11/13/25  |  Chart of the Month

S&P 500 Sets More Than 35 New Highs for Second Consecutive Year

The stock market is having another record-setting year. The chart below shows the S&P 500 has set 36 new highs since the start of the year. While it’s a decline from last year’s pace, the number of new highs in 2025 ranks 18th compared to the past 98 years. The…

10/17/25  |  Chart of the Month

Consumers Are Optimistic About the Market, But Cautious on the Economy

Recent consumer survey data has revealed a widening gap between how consumers view the stock market and the economy. The dark blue line tracks the percentage of consumers who believe the stock market will rise over the next year, while the light blue line shows the University of Michigan’s Consumer…

08/22/25  |  Chart of the Month

How Withdrawal Rates Impact Your Portfolio in Retirement

Many people spend years preparing for retirement by saving and investing, but planning shouldn’t stop once the paychecks do. Transitioning from earning income to withdrawing it from your portfolio is a major shift with a new set of risks and decisions. This period, known as the distribution phase, requires careful…

07/17/25  |  Chart of the Month

Lessons from the ’90s: How AI Is Powering a New Investment Cycle

Technology spending is accelerating at the fastest pace in decades. Figure 1 shows investment in information processing equipment and software grew +14% year-over-year (YoY) in Q1 2025, the fastest pace since the late 1990s. During the dot-com era, investment in computers and software grew over +15% YoY before collapsing in…

06/24/25  |  Chart of the Month

Corporate Earnings Off to a Solid Start in 2025

The stock market’s performance is a function of two variables: earnings and valuations. A company generates profits, and investors assign a multiple to those profits, such as 15x or 20x earnings, to determine the company’s valuation. This year, earnings have been in the spotlight as policy uncertainty around tariffs and…

05/24/25  |  Chart of the Month

Understanding the Difference Between Soft and Hard Economic Data

Soft and hard economic data are back in the news as trade policy changes. Soft data, such as surveys, measures sentiment, expectations, intentions, and how respondents feel about the economy. In contrast, hard data measures actual results and activity, such as production, spending, and job growth. While they typically move…