Overview
A resilient but softer economy, as well as potential for monetary easing, has been bolstering equity markets while performance leadership has started to shift. Now, we believe the upcoming election could elevate market volatility, potentially offering a chance to rebalance asset allocations.
In the latest Aspire, we offer our views on navigating this unusual market, explore ideas on politics and technology, and provide planning insights to help you care for the people and pastimes you love.
It’s hard to overstate the unusual nature of recent events, but market patterns often ‘rhyme,’ and past election cycles suggest that an increase in price volatility should be expected as fall approaches.
Featured Articles
Aspire to…INVEST
A New Era for Small Caps?
After a decade of lagging market results, stocks of small companies seem poised for a resurgence.
Small company stocks have generally disappointed investors in recent years, not because of their fundamentals, but due to the relative strength of large companies since the Global Financial Crisis. The difference is reflected in the combined multiple (or valuation) expansion of large caps and multiple contraction of small caps, even as the latter generated stronger earnings growth over more than a decade (see display).
LEARN MORE
Aspire to... INNOVATE
Gen AI: The Next Wave
As artificial intelligence tools gather steam, what’s the potential impact on businesses, investors and the planet?
It’s been nearly two years since the “ChatGPT moment,” when OpenAI’s flagship chatbot brought the world face-to-face with the power of generative artificial intelligence (Gen AI) to gather and interpret information, and communicate its findings to users. The moment represented the culmination of years of AI research and development. Today, technology companies are working to harness the power of AI to capitalize on their vast datasets to solve problems and create new solutions.
LEARN MORE
Aspire to... EDUCATE
Financial Literacy for the Next Generation
Fostering knowledge, confidence and values can be crucial to sustaining family wealth over time.
A woman I once worked with had just turned 70 and was divorcing her husband of 50 years. She was terrified, but her fear was not just of ending of her marriage, but of losing the affluent lifestyle to which she had become accustomed. As we sat down for dinner, she tugged at my arm, leaned over and whispered, “I hope you can help me; I have no skills and afraid I’ll have to get a job as a department store greeter!” At that moment I realized she was wholly unaware that her personal financial net worth (post-divorce) was in the hundreds of millions of dollars—in short, she had financial freedom, but she lacked financial literacy.
LEARN MORE
Aspire to…ENGAGE
U.S. Election: The Policy Choice
Putting rhetoric and personality (mostly) aside, we explore key policy differences—and similarities—between the political combatants.
The U.S. presidential election continues to heat up, with new surprises seemingly around every corner—from a criminal conviction to an assassination attempt to the late withdrawal of the incumbent. With a new Democratic candidate emerging, the contest has become even more volatile as a closely divided nation inches toward November. In contrast, the policy views informing the race remain relatively stable. We recently met with political consultant Frank Kelly to assess the views on both sides, noting meaningful contrasts, but common ground as well.
LEARN MORE
Aspire to... LEAVE A LEGACY
Estate Planning for Art and Collectibles
With preparation, you can be more confident that your collection can live on and be enjoyed by others.
As a collector, you may devote extensive time, energy and money to pursuing your passion. Managing a unique collection, whether it consists of art or other collectibles, can require patience and attention to detail. It also can also involve a range of practical considerations, encompassing acquisitions, insurance, security, maintenance, preservation and tax issues.
LEARN MORE
Our Team
More About Who We Are
We approach client partnership in a different way. With a sole focus on wealth management, we take the time to understand your values and vision, so we can tailor solutions aligned to your purpose and investment goals. Each advisor team brings the full depth and breadth of all NB Private Wealth has to offer.
FIND AN ADVISORGet in touch with us
This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this material should be made based on an investor’s individual objectives and circumstances and in consultation with his or her advisors. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory clients may hold positions within sectors discussed, including any companies specifically identified. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Neuberger Berman, as well as its employees, does not provide tax or legal advice. You should consult your accountant, tax adviser and/or attorney for advice concerning your particular circumstances. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance. Diversification does not guarantee profit or protect against loss in declining markets. As with any investment, there is the possibility of profit as well as the risk of loss. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Unless otherwise indicated, returns reflect reinvestment of dividends and distributions. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.
The views expressed herein may include those of the Neuberger Berman Multi-Asset Class (MAC) team, Neuberger Berman’s Asset Allocation Committee and Neuberger Berman’s Private Wealth Investment Group. The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large, diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. The NB Private Wealth Investment Group analyzes market and economic indicators to develop asset allocation strategies. The NB Private Wealth Investment Group consists of five investment professionals and works in partnership with the Office of the CIO. The NB Private Wealth Investment Group also consults regularly with portfolio managers and investment officers across the firm. The views of the MAC team, the Asset Allocation Committee and the NB Private Wealth Investment Group may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team, the Asset Allocation Committee and the NB Private Wealth Investment Group. The MAC team, the Asset Allocation Committee and NB Private Wealth Investment Group views do not constitute a prediction or projection of future events or future market behavior. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed or any historical results. Nothing herein constitutes a prediction or projection of future events or future market or economic behavior. The duration and characteristics of past market/economic cycles and market behavior, including length and recovery time of past recessions and market downturns, is no indication of the duration and characteristics of any current or future market/ economic cycles or behavior.
Tax planning and trust and estate administration services are offered by Neuberger Berman Trust Company. “Neuberger Berman Trust Company” is a trade name used by Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A., which are affiliates of Neuberger Berman Group LLC.
Hypothetical growth examples are for informational and educational purposes only.
Neuberger Berman Investment Advisers LLC is a registered investment adviser. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.
©2024 Neuberger Berman Group LLC. All rights reserved.