Peak week for second quarter earnings season is well underway as nearly 40% of the S&P 500, measured by market capitalization, report quarterly results this week. While big tech and the Magnificent Seven will unequivocally remain in the earnings spotlight, as Meta (META) and Microsoft (MSFT) were after Wednesday’s market close, consumer-related stocks will also fall under the proverbial microscope as the consumer discretionary sector is broadly expected to face some of the hardest tariff-related blows among major S&P 500 industry groups. Investors have been eager for some clarity on how much of the tariff burden will be “e

On July 4, President Trump signed into law the “One Big Beautiful Bill Act (OBBBA)”, a far-reaching piece of legislation that will impact the U.S. investment landscape for years to come. While there is an incredible amount of detail in the 869-page text, as it relates to alternative investments, there are several key takeaways for investors to consider. 

Carried Interest

Carried interest is a fee many private investment managers charge in addition to the more common flat management fee. The OBBBA preserves the current favorable tax treatment as carried interest will continue to be taxed at long-term capital

The privatization of Fannie Mae and Freddie Mac, the dominant government-sponsored enterprises (GSEs) in the U.S. mortgage market, would transform housing finance, even with explicit government backing ensuring their stability. Privatizing them as fully private corporations, potentially publicly traded, would affect mortgage rates, credit access, housing stability, investment opportunities, and the Uniform Mortgage-Backed Security (UMBS) market. While details are still sparse, the impacts of the yet-to-be formally announced plans to privatize the GSEs are already, arguably, impacting the mortgage-backed security (MBS) market, as well as mortg

Q2 2025 Earnings Season: Management Teams Cautiously Optimistic

Slightly over 20% of S&P 500 companies have reported earnings for the second quarter (less if measured by market cap) and so far, it appears that results are good enough. The rate of results outpacing earnings expectations is near 90%, with average upside surprises around the historical average of approximately 7% on earnings per share (EPS), while about 2% upside on sales is coming in ahead of historical averages of roughly 1.2%. Investors are primarily focused on forward-looking guidance commentary; however, an earnings surprise on the quarter will only go so