2025 began with broad optimism for economic growth, particularly in the US, despite impending tariffs as well as other economic policy changes. However, optimism faded in late March and early April as the US stock market fell significantly following the “Liberation Day” tariff announcements. Additionally, global expectations for GDP growth have diminished, while inflation expectations have risen even as current inflation measures moderate.

2025 began with broad optimism for economic growth, particularly in the US, despite impending tariffs as well as other economic policy changes.

Yet, in the first quarter, US stocks suffered relative to non-US. Optimism further turned to unease in April, as the US stock market fell significantly following the “Liberation Day” tariff announcements.

My uncle, Hank Fisher, liked to tell stories and liked to create names. This story is about how he named Syntrinsic.

Professionally, Hank Fisher helped companies develop their brand identities and names. Vectra Bank. Synovus. Concentra, and many other created names that have become familiar with time and usage.

The recent agreement between the US and China to substantially reduce tariffs for 90 days, following on a trade deal between the US and UK, resulted in a sense of relief among market participants and significant gains. As of May 2025, the broad Russell 3000 index of US stocks is up 0.3% year-to-date (having recouped its earlier losses), and the broad MSCI All-Country World ex-US Index is up 11.6%…

Liability management exercises – also known as LMEs, liability management transactions (LMTs) and distressed debt exchanges – are back in the headlines. LMEs are complex strategies that companies use to restructure their debt obligations – often by exchanging, repurchasing, or renegotiating terms – to reduce financial strain, manage cash flow more effectively, and improve their overall financial health as an alternative to bankruptcy…

The tariff policy escalations at the start of Q2 2025 by the current administration have shaken global markets and raised uncertainty to historically high levels. The resulting policies negatively impacted liquidity, while the decline in equity and fixed income markets also led to the denominator effect in asset allocators’ portfolio…

Despite the optimism at the start of 2025, the escalation of a trade conflict initiated by the US introduced notable volatility and uncertainty into global equity markets. During the quarter, global equities returned -1.3%, international developed, emerging markets…

Values-aligned investing continues to reshape the investment landscape, with $6.5 trillion in US assets under management (AUM) explicitly marketed as Environmental, Social, and Governance (ESG) or sustainability-focused investments…

On April 2, 2025, President Trump announced a new tariff regime that surprised most observers with its severity, and many risk assets have responded with significant losses and volatility. The risk asset downturn reflects, at least in part, the increased probability...

President Trump and his administration have implemented several tariffs, resulting in an unpredictable environment for investors and considerable market volatility.  The administration has ascribed a broad set of goals to tariffs, relating to domestic manufacturing,...