1. What’s an Investor To Do When Logic Goes Out the Window?
“Why, sometimes I’ve believed as many as six impossible things before breakfast.” –The White Queen Through the Looking-Glass Lately, trying to track geopolitical and economic news and the market’s response is like watching a championship ping-pong match—dizzying, with too many mixed signals flying back and forth. When will the Middle East conflict end? How high can oil go? What will the Federal Reserve do next? Is the labor market frozen or thawing? Which industries have AI targets on their backs? And these questions are less overwhelming than the purported answers—so wide-ranging and often conflicting that it’s impossible to know how to respond, other than feeling anxiety. — Calamos
2. The New Defensive Playbook: Defense Spending as a Long-Term Reality
Geopolitical risk has moved from a background concern to a central portfolio variable. Institutional surveys increasingly rank it as one of the most difficult risks to model, surpassing even inflation in some cases. Yet today’s environment is not simply about short-term conflict headlines. It reflects a deeper transformation: a sustained global rearmament cycle, driven by modernization, technological competition and shifting alliances. For investors, the key question is not whether tensions will fluctuate. It is whether defense spending, particularly in Europe and Asia, has entered a durable growth phase. We believe it has. — Samuel Rines & Jonathan Flynn
3. As Markets React To War and Inflation, One Question Stands Above All
March has not been kind to markets. As we pen this note on the 20th, every major equity index we track has fallen month to date, with the Dow and S&P 500 off 7% and 5.4% and the MSCI EAFE and EM Indices off 9.6% and 8.4%. Bonds have also struggled, with the Bloomberg Aggregate down 1.8%. As to how we got here, the war with Iran has driven oil prices sharply higher and that has Wall Street worried about economic growth (and profits, which has weighed on stocks) and a spike in inflation (which might spell the end of Fed rate cuts and even open the door to rate hikes and has weighed on bonds). As to the underperformance of international equities, that is likely due to those economies’ greater dependence on imported oil and a rallying dollar, an historical headwind for overseas markets. — Tim Holland
4. Oil Surge and Iran Tensions: What Now for Markets?
Rising oil prices and growing geopolitical risks are hitting markets but is it a reason to worry for the long term? Understand what the Iran war means for inflation, recession odds and long-term investing strategy. The Iran war has led to a dramatic spike in oil prices, pushing up our expectations for inflation and worsening economic growth prospects. At the time of writing, market expectations for interest rate cuts in the UK and US this year have faded – although forecasts are changing day by day. Bond yields have risen, pushing prices lower. And stock markets have suffered. So far, the pullback in stock markets has been relatively modest, with the US markets off less than 10%. Perhaps investors are being complacent. Perhaps they’re expecting another TACO trade – Trump Always Chickens Out – something we’ve seen a few times when his policies rattle markets. — Robert Farago
5. Three Questions Every Client Asks Before Saying Yes
The most important word in that sentence was “help“, and that is very different to “convince“, which is the typical marketing approach. A great marketing process helps prospects move along the buying (decision-making) path by pre-empting their concerns and need for answers. The concept is similar to Maslow’s famous “hierarchy of needs” where the most basic of needs must be met before any consideration can be given to loftier ideals. In layman’s language, people don’t care about having a statue of themselves built if they do not have sufficient food or adequate shelter. The most basic and essential needs must be fulfilled before there is any motivation to consider higher physical or emotional needs. — Tony Vidler
6. Why Becoming a Top 0.0001% Advisor Is Easier Than You Think
I remember my uncle once telling me that most people are dumb, weak, and broke. While I thought it was harsh at the time, it has been consistently proven to be true over the years. Why does this matter to you? Two reasons: First, to help you break through whatever limiting belief you've subconsciously placed on yourself that's keeping you out of the top 0.0001%. It's really not nearly as hard to become a one in a million person when you hear some of the statistics I share in this episode. — James Pollard
7. While the World Panics, We’re Buying ...
I'm writing you from Abu Dhabi, about 200 miles from the Iranian coast. The war feels very real to me. I get emergency “shelter in place” alerts on my phone. I see missiles being shot out of the sky and flights being rerouted overhead. Thank you for the kind messages checking in on us—it genuinely means a lot. I understand why many of you are scared right now. Investors have been asking whether they should sell everything and wait this conflict out. I want to give you three words to tape above your desk right now: Ignore the news. — Stephen McBride
8. How Zocks Uses AI to Make Advisors More Human
Future Proof CityWide in Miami put one question front and center for every advisor in attendance: how do you build an AI-first mindset without losing the human connection that has always defined great advice? For Matt Halloran, Chief Evangelist at Zocks, the answer starts with going “all in” on AI in a way that is deeply practical, compliance-aware, and relentlessly focused on client relationships—not just efficiency for its own sake. — Douglas Heikkinen
9. How to Create Great Clients
Reflect for a moment. Who are your best clients? What do they have in common? Chances are, they are the ones who listen to you. They acknowledge your expertise. And they act accordingly. By “act accordingly,” I mean they give you the permission to conduct your engagement on your terms, not theirs. They take your advice. They work collaboratively with you, and they do it enthusiastically. In short, they view you as a true expert in your discipline. — Elizabeth Harr
10. Why Clients Don’t Feel Reassured by More Effort
It is easy to assume that clients feel more confident when they are given more. More explanation, more detail, more insight, and more follow-up are often seen as signs of care and professionalism. Yet many advisors notice something counterintuitive. As they add more effort into the conversation, clients often become less settled rather than more reassured. Instead of feeling clearer, clients leave with more to think about. — Ari Galper
11. Something Isn’t Adding up in Oil Markets Right Now
Since hostilities began in the Middle East three weeks ago, I’ve urged investors to stay calm and resist the temptation to panic-sell. While I still stand by that advice, it’s important to point out that this conflict isn’t resolving as quickly as initially expected. The situation has escalated since last week, and the economic consequences are becoming clearer. We’re witnessing what I’d call a two-speed oil crisis, and understanding that split might be helpful in positioning your portfolio in the coming weeks and potentially months. — Frank Holmes