“Price is what you pay; value is what you get.” – Legendary value investor Ben Graham.

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Valuations matter—at least in the long run. We believe it to be true in the equity markets and in the fixed income markets

Global stock markets are off to a strong start in 2021 as the world begins to emerge from the shadow of the COVID-19 pandemic. In the United States, vaccinations are increasing, the economy is expanding, unemployment is falling, and stimulus continue

The outstanding fourth-quarter earnings season we had in 2020 is a tough act to follow, but 2021’s first quarter has the makings of another potentially great earnings season. The reopening of the economy continues to move forward, and corporate

Coming into this year, we expected longer-maturity U.S. Treasury yields to rise, consistent with improving economic growth dynamics. That is indeed what we have seen, with the yield on the 10-year Treasury higher by 80 basis points (0.8%) year-to-dat

The U.S. economy’s recovery from the pandemic continues to surpass our expectations, aided by the accelerating vaccine distribution, massive stimulus, and America’s desire to resume some semblance of normal daily life. Despite having rais

As we continue LPL Research’s Inflation Week, today we will examine how stocks have historically done at different inflation levels. For more color on our views on inflation, please read here and here, and look out for tomorrow’s blog, wh

“History doesn’t repeat itself, but it often rhymes.” Mark Twain

What more can we say other than few months have been kinder to stocks lately than the month of April. In fact, it was last year that saw the S&P 500 I

Inflation is coming and, according to certain market-based inflation metrics, markets are expecting sustained inflation rates not seen since the late 2000s, although likely still at manageable levels. Inflation, which captures price increases in cons

It has been a little over a year since the S&P 500 Index bottomed on March 23, 2020, and it was certainly an eventful year, to say the least. It’s also been one year since we at LPL Research upgraded our view on equities from market weight

There is a growing debate over whether an expanding economy, in conjunction with historic fiscal and monetary stimulus, may cause inflation to overheat. Adding to the intense debate, the Federal Reserve (Fed) has shifted its policy framework, potenti