The Big Four Recession Indicators: Real Personal Income

Published on January 22, 2026

Personal income (excluding transfer receipts) rose 0.3% in November and was up 3.2% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.1% month-over-month and up 0.5% year-over-year.

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2025 Marked a Record Number of Mutual Fund to ETF Conversions

January 22, 2026
2025 will go down as another year of record-breaking achievements for exchange-traded funds (ETFs). Among the past year’s highlights was a record number of mutual funds converting to ETFs, as noted by Ben Johnson, Morningstar Head of Client Solutions, via a LinkedIn post.

The Stock Market Affordability Crisis

January 22, 2026
Our view from the portfolio management desk is that there seems to be a concurrent affordability crisis in the public stock markets as well. The biggest names appear to be “priced for perfection” at this moment.