The Right Time to Think About Next Year’s Taxes is Now

Published on August 5, 2025

For investors looking to harvest losses to reduce the impact of capital gains, the cost of this year’s tax vacation could have been significant.

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ISM Services PMI: Slow Growth Continued in July

August 5, 2025
The Institute for Supply Management (ISM) released its July Services Purchasing Managers' Index (PMI), with the headline composite index at 50.1. This was lower than the forecast of 51.5 and keeps the index in expansion territory for a second straight month.

Market Valuation, Inflation and Treasury Yields - July 2025

August 5, 2025
Our monthly market valuation updates have long had the same conclusion: US stock indexes are significantly overvalued, which suggests cautious expectations for investment returns. This analysis focuses on the P/E10 ratio, key indicator of market valuation, and its correlation with inflation and the 10-year Treasury yield.