In this issue:

Investors Facing Rising Risks Need Solid Defense, Savvy Offense
Increasing political and economic risk during the past year has widened the range of possible positive and negative scenarios for financial markets. Consequently, investors need to build a solid defensive position while seizing opportunities that arise amid the instability.
By Taylor Graff, Head of Asset Allocation Research and Ed Chadwyck-Healey, Head of International Private Clients
⚑ Investment Outlook

Falling Interest Rates Trigger Investor Hunger For Yield
Investors snapping up U.S. securities are seeking yield as much as safety as interest rates plunge toward record lows.

By Tom Graff, CFA, Head of Fixed income and Lyn White, CFA, Credit Analyst
⚑ Fixed Income

Defense Industry Stocks Gain Amid Rising Global Tension
Geopolitical instability and the end to nearly a decade of budget austerity have improved the prospect for defense industry stocks.

By Adi Padva, Equity Research Analyst
⚑ Equities

Private Credit Outshines Many High-Valuation Stocks, Bonds
Private credit occupies a sweet spot on the investment landscape, offering earlier distributions than private equity and higher yields than most publicly traded securities.

By Meera Patel, CFA, Director of Private Equity Fund Research and Jane Korhonen, CFA, Portfolio Manager
⚑ Alternative Investments

Proposed Tax Law Changes Prompt Estate Planning Review
Multi-generational planning, while best executed in prudent steps over long periods, sometimes requires a review because of changes in regulation or financial markets. Such is the case today amid consideration of changes to U.S. tax law.

By Edward Dunn, Strategic Advisor
⚑ Strategic Advisory