Are We in a Lower Return Environment?

In recent meetings with clients, we have often presented a graphic that shows the average annual returns of the U.S. stock and bond markets from 1986 to today. Why that particular 30-year time period? Because it almost exactly corresponds to my career in the...

How the Next Financial Crisis Might Happen

Since 2008, investors around the world have had one eye in the rearview mirror, wondering when the next crisis will hit. It’s a topic of numerous client conversations we have in the office, on the phone, and around the coffee table. Naturally, our first...