News and Events

  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER As we cross the midway point, 2026 is shaping up to be a bang-up year for stocks, including Real Estate, which was the second-best performing equity asset after Small Caps[1]. Other risk assets have posted mixed returns, with Bitcoin...

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  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER May 13th marked one of the most consequential leadership transitions in Federal Reserve history. Kevin Warsh was confirmed as Fed Chair by the narrowest margin and took the helm on May 22nd. Despite a history of leaning “h...

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  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER In April, the US military operation against Iran took a strategic turn as the Trump administration pivoted from intense bombing of the Iranian interior to the imposition of a naval blockade against ships transiting Iranian ports foll...

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  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER While many in the US spent a good deal of last month watching the annual NCAA “March Madness” basketball tournament and agonizing over their brackets, those of us knee deep in the investment world were far more focused on...

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l By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER The old saying “in like a lion, out like a lamb” to describe March certainly applies this year. The March 1st joint US/Israeli strike on Iran kickstarted a ferocious air/sea battle in the middle east. It seems far too e...

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  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER AI continued to be a hot topic in January and its impact on economic and market activity is pervasive. But the real story is the crazy action in precious metals. With two trading days left in January gold was up more than 25% from th...

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  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER The past year was eventful, to say the least. Before turning the page to 2026 it is worth reflecting on a few key events and themes that drove narratives and impacted markets in 2025. Inauguration day, what with DOGE and a flur...

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  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER I trust that everyone had a joyful and relaxing Thanksgiving break with family and friends. Having awoken from their tryptophan comas and recovered from a four-day football binge, investors turn their sights to the final weeks of wha...

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By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER With the federal government shutdown ongoing throughout October, there is little official economic data to report on. What we did get from private data providers (ISM, Univ. of Michigan, and NFIB) was mixed but mostly showed that activity was ...

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  By: DOUGLAS A. RILEY, CFA, PORTFOLIO MANAGER As expected, the Federal Reserve cut interest rates by 25 basis points at the September meeting. Conveniently, the annual Employment Revisions Report, released a few days before the meeting, showed a substantial reduction (-9...

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