The Bull Case is Largely Based on Hope

Published on May 12, 2026

The stock market is on an absolute tear, with the Nasdaq up 5% last week and nearly 13% year-to-date. The proximate causes include a cease-fire somewhat holding with Iran, a 28% surge in S&P 500 corporate profits in the first quarter, and some consensus-beating economic reports, like Friday’s payroll numbers.

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The Illiquidity Premium—Lessons Learned From Institutions, Wendy LI, Founder & President, Ivy Invest

May 12, 2026
Wendy Li spent 20 years working with large endowments and foundations before founding Ivy Invest. In the latest Alternative Allocations, she discusses how institutions approach illiquid investments, the importance of manager selection, and where she sees opportunities in today's private markets.

Global ETF Gold Flows Flipped Back Positive in April

May 12, 2026
After going negative in March after the outbreak of hostilities between the U.S. and Iran, flows of gold into ETFs flipped positive again in April, with all regions reporting inflows of metal.