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    • January 30, 2012
    • Fitch Downgrades Several European Governments
    • On Friday, January 13, Standard & Poor’s (S&P) downgraded its credit ratings on several European governments. While this action has generated significant media attention, SEI’s Funds have little exposure and the actual market impact has been minimal. [... More]
    • January 27, 2012
    • Podcast: January 2012 Federal Open Market Committee
    • The start of the new year was reminiscent of the fourth quarter of last year. Economic data continued to point toward tepid growth, and the Fed’s rhetoric remained dovish. Investors are wondering if and when—the Fed might move forward with a third round of quantitative easing, or QE3. [... More]
    • January 16, 2012
    • Fourth Quarter 2011 Market and Performance Update
    • Ongoing eurozone troubles undercut optimism, but strong economic data releases from the U.S. boosted sentiment. Equity and fixed-income markets gained, with risky assets among the strongest performers. [... More]
    • January 10, 2012
    • Podcast: December 2011 Payroll Report
    • December’s nonfarm payroll number came in above expectations at 200,000 jobs created, and that number was revised higher by 5,000 after the release of the ADP report. It is no secret that hiring in the U.S. is increasing. However, it needs to accelerate even more in order to help move the unemployment rate lower and keep consumer confidence elevated. [... More]
    • January 03, 2012
    • Economic Outlook: A Pivotal Year Ahead
    • There is no denying that the past year was a trying one for investors. Global financial markets remain fragile and subject to sharp moves based on the latest headlines. With Europe on the cusp of recession, China laboring through the downside of a property bubble, and the U.S. heading towards its most important election cycle in decades, there will be no quick end to the uncertainty that has made investing a difficult enterprise. [... More]
    • December 23, 2011
    • North Korea’s Leadership Transition Raises Questions
    • In a year marked by volatility, the death of Kim Jong II adds a further level of uncertainty to the Korean peninsula. While an orderly transition appears to be taking place, the previous leader’s transition had been planned and prepared for over a 20-year period versus just a few years for the current transition. [... More]
    • December 16, 2011
    • Podcast: December 2011 Federal Open Market Committee
    • December 13 marked the eighth and final FOMC meeting for 2011. Although the U.S. economy strengthened over the course of the year, there were many exogenous events that created shockwaves throughout the system and placed a heavy burden on the FOMC. For the Committee, the year ended similarly to how it began—with economic growth visible, but moving at a slower pace than everyone would like to see. [... More]
    • December 13, 2011
    • The European Union’s ‘Fiscal Compact’—More of the Same
    • While the latest European Union framework for addressing the eurozone’s government debt crisis should buy more time, it does not solve the underlying problems. The summit exposed some interesting political rifts, but SEI believes that current speculation on the euro’s inevitable demise is overdone. [... More]
    • December 09, 2011
    • Podcast: November 2011 Macro Summary View
    • Financial markets were down sharply throughout most of the month. This was not surprising, as headwinds from the European sovereign debt situation continued to pose a large threat not only to the U.S. economy, but to the global economy as well. November also saw the downfall of the “Super Committee,” and the rise of a unified global intervention by central banks around the world. [... More]
    • December 07, 2011
    • The Generation Gap
    • Centered around the findings of the SEI Family Wealth and Succession Survey conducted in June 2011, The Generation Gap elucidates the issues many wealthy families face when mapping out their succession plans. Affluent family heads face a multitude of challenges inherent in effectively passing wealth to the next generation. Knowing how other families handle these issues can help you make better decisions when the time comes to decide your own legacy plan. [... More]
    • December 06, 2011
    • Podcast: November 2011 Payroll Report
    • November’s non-farm payroll number came in slightly below expectations, showing the creation of 120,000 new jobs. While the government and construction sector shed workers, there was encouraging news with growth in the retail, health care and private sectors. [... More]
    • November 28, 2011
    • Video: October 2011 Macro Summary View
    • Markets were flying high again in October. With a better outlook for concerns in Europe, U.S. economic data showed signs of stabilizing. Nagging recession worries eased as equity markets, as measured by the Dow Jones Industrial Average, soared 9.5%. The preliminary third-quarter gross domestic product expanded 2.5%, which was better than expected. [... More]
    • November 22, 2011
    • Super Committee: Not-So-Super Results
    • The Joint Select Committee on Deficit Reduction—more commonly known as the "Super Committee"—has failed to reach an agreement to reduce the U.S. deficit. Despite the initial negative reaction to the failure, we believe that Europe’s sovereign debt situation continues to pose the larger and more immediate threat to the global economy. [... More]
    • November 16, 2011
    • Italian Government Debt Selloff Highlights Global Concerns
    • The short-lived exuberance over the latest rescue proposal for Greece has been replaced by anxiety over the funding woes faced by other European governments, most notably Italy, the eurozone’s third largest economy. [... More]
    • November 15, 2011
    • Eurozone Crisis Hits Home—U.S. Investors Focused on Capital, Counter-Party Risks
    • As government debt problems intensify in the European Monetary Union, financial firms outside of Europe have come under increasing pressure. The larger issue is not individual firms, but the risk of contagion from Europe to the global financial system and world economy. [... More]
    • November 14, 2011
    • October 2011 Market and Performance Update
    • News of a eurozone deal and positive U.S. economic data releases were welcomed by investors, before the mood began to turn sour again towards the end of the month. The short-lived positive sentiment led October’s rebound in the global equity and bond markets. In a reversal of the summer’s fortunes, equity and riskier fixed income investments performed best. [... More]
    • November 10, 2011
    • Has Europe Finally Rescued Itself? Probably Not.
    • The European Union’s (EU) broad, strategic rescue package for Greece aims to lower the country's government debt-to-gross-domestic-product ratio over the next decade while containing potential short-term damage to the financial system. The plan has garnered support from private-sector investors and foreign governments, but Greece must agree before it can be implemented. What are the plan's possible outcomes? [... More]
    • November 09, 2011
    • Podcast: November 2011 Federal Open Market Committee Meeting
    • There is no telling what the new year might have in store, although Federal Reserve Chairman Ben Bernanke noted the possibility of “flexible inflation targeting.” The economy shows signs of stabilizing as we wait for the full effects of Operation Twist, but unemployment remains stubbornly high. Looking into the near future, we see no compelling reasons for a change in policy. [... More]
    • November 09, 2011
    • Podcast: October 2011 Macro Summary View
    • Investors were bracing for uncertainty, but markets were flying high in October. The European debt crisis plagued the markets, but the European Summit provided a dim light at the end of the tunnel. Nagging worries of another recession eased as equity markets soared 9.5% for the month. Overall, we continue to expect modest growth in the economy. [... More]
    • November 08, 2011
    • Podcast: October 2011 Payroll Report
    • October’s nonfarm payroll number was modestly below expectations at an increase of 80,000, while the unemployment rate remained in unwelcome territory at 9.1%. However, a reading of the third-quarter gross domestic product revealed that the economy is gradually improving, and consumers continued to show signs of life, helping to foster growth. [... More]
    • October 19, 2011
    • Podcast: September 2011 Macro Summary View
    • Increased global headwinds added layers of complexity and uncertainty to the U.S. economic landscape and prospects for recovery. Headlines relating to the ongoing debate over whether or not a recession is imminent dominated the media. [... More]
    • October 14, 2011
    • Third Quarter 2011 Market Update
    • Global equity and bond markets experienced a dramatic and highly volatile quarter, with a strong flight-to-safety. Market sentiment was driven by fears that the global economy could be pushed back into recession. Nevertheless, the data still supports a positive view of overall business activity in the U.S., the European core economies and developing markets. [... More]
    • October 12, 2011
    • Podcast: September 2011 Payroll Report
    • September’s nonfarm payroll number surprised to the upside, showing growth in private-sector nonfarm payrolls—albeit at a tepid pace. It appears that companies have curbed reducing their headcounts for now. Unfortunately, they are not hiring at the pace needed to support robust economic growth. [... More]
    • October 11, 2011
    • A Closer Look at China
    • While investors remain focused on Europe and the U.S., China has been showing signs of distress. We take a closer look at what this could mean for the global economy, markets, and investors, and how our funds are positioned vis-à-vis China. [... More]
    • October 11, 2011
    • A Role for the Estate Tax in the Debt Debate?
    • How will the estate state tax factor into plans for closing the country's cavernous 1.5 trillion dollar budget deficit? A bi-partisan “Super Committee” will decide soon. The extension, removal or alteration of the estate tax will have concrete effects upon thousands of high net worth families and their succession plans.  [... More]
    • October 11, 2011
    • The "Formula Clause" Pitfall
    • Many lawyers use a "formula clause" within their clients' trusts, which designates inheritances via fractions or percentages, not fixed dollar amounts. With the increase of the estate tax exemption to $5 million and new portability feature in the 2010 Tax Relief Act, use of the forumla clause may result in inadvertently disinheriting surviving beneficiaries. A simple amendment can be used to correct the defect. [... More]
    • October 10, 2011
    • European Banks Cast a Long Shadow
    • Fears of a major European bank collapse flared up again recently, causing risk aversion and market volatility to intensify. While news about Dexia confirms that European financial stresses will persist, policymakers’ responses indicate that they are well aware of the financial system’s fragility. [... More]
    • October 06, 2011
    • Quarterly Economic Outlook: Blood in the Streets: Time to Buy
    • There is no arguing that the past few months have been simply awful—so awful, in fact, that we think the stage has been set for an improvement in equities and other risk-oriented investments over the next 12 months, most likely starting before year-end. [... More]
    • October 05, 2011
    • Video: Recession Rhetoric Yields Fear and Volatility
    • Since midsummer, investors have been wondering whether the U.S. and global economies will continue their tepid recoveries or slide back into recession. Although unpleasant, panic and fear usually set in before a bottom is reached. We think investors should avoid getting caught up in the non-stop news flow and frenetic trading activity, and stay the course with a suitably designed asset allocation and disciplined rebalancing. [... More]
    • October 04, 2011
    • Emotional Decision Making Can Be Hazardous to Your Wealth
    • Hard-wired behavioral tendencies conferred on us by natural selection sometimes work against us. This is especially true in investing, where long-term success requires that we learn to manage our emotions and avoid panic-driven decision-making. [... More]
    • September 28, 2011
    • Video: August 2011 Macro Summary
    • The month began with the U.S. government having difficulty finding a solution to its debt-ceiling problem. Standard and Poor’s then downgraded U.S. credit to AA from AAA, creating a wave of selling in the risk markets, with equities, high yield, and investment-grade spreads all feeling the pain. The Treasury market benefitted from the news by way of inflows. [... More]
    • September 28, 2011
    • Podcast: August 2011 Federal Open Market Committee Meeting
    • Concern about a relapse into another recession continues to rear its head. The financial system will feel added pressure from Operation Twist as the yield curve flattens, potentially hurting bank earnings. At this point, we maintain the view that the economy is slowing, with marginal growth. We also expect increased volatility in the fourth quarter as we sift through U.S. data and Europe continues to work through its sovereign default risks. [... More]
    • September 22, 2011
    • Fed 'Twist' Likely to Have Little Impact
    • The Federal Open Market Committee announced its intention to launch a Maturity Extension Program. SEI has and continues to hold the view that slow economic growth rather than global recession is the likely outcome of the current economic malaise. Nothing in the Fed’s statement has changed our view. [... More]
    • September 20, 2011
    • Italian Government Debt Downgraded by S&P—Credit Crisis Here to Stay
    • Standard & Poor’s has downgraded the Italian government debt to A from A+, but did not bring to light any new information. It has had little impact on financial markets. In spite of bad news, it is important to realize that the world economy is still in better shape than it was prior to the global financial crisis and recession of 2007-2009. [... More]
    • September 13, 2011
    • Podcast: August 2011 Macro Summary View
    • Following a trend that began in 2007, August doldrums were absent once again this year. This month started with the U.S. government's debt ceiling woes, and its subsequent credit downgrade by S&P. We are positive on the economy, but we remain cautious, as there are key hurdles that need to be passed in the upcoming weeks, as we look for clarity regarding the health of European banks and countries abroad as well as an assessment of the U.S. and global economies. [... More]
    • September 12, 2011
    • August 2011 Market and Performance Update
    • Global equity and bond markets experienced a dramatic and highly volatile August, with investors shying away from risk in favor of defensive assets. Equities sold off, while gold and fixed income benefited. Already poor market sentiment was pushed lower by ongoing U.S. debt issues and renewed concerns about the eurozone. [... More]
    • September 07, 2011
    • Podcast: August 2011 Payroll Report
    • Over the past year, the labor market has been trending lower. Two-thirds of the way through the third quarter, job creation stands at an average of 42,000 per month. While we feel that a dip into recession is unlikely, August's low payroll numbers set a negative tone within the market. Positive growth is needed, and we are unfortunately not seeing this trend develop. [... More]
    • August 26, 2011
    • Eurozone Turmoil Driving Global Market Volatility
    • SEI fund managers and analysts on both sides of the Atlantic agree that Europe is the main factor driving today’s market uncertainty and volatility, and that a recession there would be likely to precipitate a global downturn. We believe the eurozone’s long-term challenges could prove insurmountable without either a partial dissolution of the European Monetary Union or much tighter integration of its members’ fiscal operations. Find out why. 
      [... More]
    • August 19, 2011
    • A Wild Ride: Taking a Closer Look at Recent Market Volatility
    • Despite the recent volatility, our view of the markets remains intact. Strategically, the U.S. economy appears to have entered a soft patch from which it is likely to emerge without entering recession. For investors, times like these underscore the importance of employing a time horizon that is appropriate to your objectives, implementing an appropriate asset allocation and maintaining a disciplined approach to portfolio rebalancing to keep your goals and your investments aligned. [... More]
    • August 18, 2011
    • July 2011 Market and Performance Update
    • Global equity and bond markets experienced a volatile July, with a flight to safety driven by fears that the global economy could be pushed back into recession. Continued problems in the eurozone and ongoing U.S. debt issues along with weak economic data releases fueled concerns for the month. [... More]
    • August 17, 2011
    • Video: July 2011 Macro Summary
    • Activity within the fixed-income markets reflected that the government was no closer to a debt-ceiling deal at the end of the month than it was at the start. This created erratic price action that plagued risk markets and influenced the rates market. [... More]
    • August 16, 2011
    • Economic Insights: University of Michigan Consumer Sentiment Index
    • The mid-month reading of consumer confidence fell from 63.7 last month to 54.9--even lower than it was during the 2008 financial crisis. However, SEI believes the downturn is temporary. [... More]
    • August 15, 2011
    • A Brief History of Market Turbulence
    • Economic and financial crises have been a regular feature of monetary economies throughout history. While no two have been exactly alike, they tend to share some common characteristics. Read about some key lessons that investors can take away from such comparisons. [... More]
    • August 11, 2011
    • Podcast: July 2011 Macro Summary View
    • Activity within the fixed-income markets in July reflected nervousness and erratic price action as the stalemate in Washington continued. We saw why the market is known for focusing on only one item at a time, honing in first on the ongoing sovereign debt concerns in Europe, and then turning toward the U.S. debt ceiling. The market chose to overlook the softer economic data which presented itself throughout. [... More]
    • August 10, 2011
    • Podcast: July 2011 Payroll Report
    • August 5’s nonfarm payroll number was a pleasant surprise, even as attention was directed toward the debt ceiling woes. Nonfarm payrolls increased by 117,000 for the month of July, initially changing the market's tone for the better. We need this sentiment to endure. [... More]
    • August 10, 2011
    • Five Pieces of Advice About Advice
    • Advice can come from many sources.  These sources often have personal biases that can either strengthen or limit the benefits of this advice.  Preference, proximity and proficiency all play a role in how professionals dole out advice, not to mention compensation.  All of these and other factors should be examined when considering an expert opinion. [... More]
    • August 08, 2011
    • Standard & Poor’s Downgrades the U.S.—Not the End of the World
    • After much anticipation, Standard & Poor’s (S&P) lowered the United States government’s longstanding AAA rating (its highest rating) to AA+ (the next highest rating). While historically significant (and not without controversy), the downgrade does not shed any new light on the fiscal challenges facing the U.S., nor do we believe it spells imminent trouble for the U.S. government, the global financial system or investors. [... More]
    • August 05, 2011
    • Investment Update: The Summer of Our Discontent II
    • With yesterday’s global stock market rout, we once again find the world on edge as the drumbeat of global recession pounds from nearly every media outlet. At times like these, investors clamor for news and find it hard to know what they should be thinking or doing when it comes to their portfolios. [... More]
    • August 03, 2011
    • Muddling Through After the Debt Ceiling Debate
    • After months of political wrangling, a deal has been reached on the debt ceiling. However, financial markets have already moved beyond the debate and are reacting to indicators that signal a potential economic slowdown. Despite the economic woes, SEI remains in the camp of those who anticipate continued market advances. [... More]
    • August 02, 2011
    • Implications of a U.S. Debt Ceiling Agreement
    • An agreement to raise the debt ceiling and avoid a default is a welcome development. However, this simply (1) averts an immediate crisis and (2) creates the time and space necessary for Congress to (hopefully) make some rather difficult decisions regarding federal spending and revenue. [... More]
    • July 07, 2011
    • Video: May 2011 Macro Summary
    • May ended with concerns about both the economy and employment, resulting in a flight-to-quality rally that pushed yields lower and prices higher. [... More]
    • June 20, 2011
    • U.S. Credit Downgrade: How Would It Impact Fixed Income Investors?
    • In recent weeks, major credit rating agencies have expressed renewed concern over the financial outlook for the U.S., perhaps eventually losing its AAA rating. What are the implications for investors? [... More]
    • June 13, 2011
    • May 2011 Market and Performance Update
    • Investors began to fret about disappointing economic data releases and the resurfacing of sovereign debt fears in the eurozone. However, corporate earnings results continued to exceed expectations and, on the whole, sentiment remained generally buoyant. [... More]
    • June 01, 2011
    • U.S. Equities: Few Repeat Winners/Losers When Inflation Rises
    • In spite of media-stoked fears of rising inflation, SEI does not view inflation as a near-term threat. For U.S. equities, recent periods of rising inflation have not resulted in clear-cut winners and losers. [... More]
    • May 20, 2011
    • April 2011 Market and Performance Update
    • Sentiment remains solid despite rising oil prices and inflationary pressures. Investors favor defensive assets in equity and fixed-income markets. [... More]
    • May 04, 2011
    • It's Your Money: Why Give Away More Than You Have To?
    • When ignored, taxes can diminish portfolio returns significantly over time. A number of tools for investors can help alleviate this burden. Learn more about them, and about current key tax policy trends, from David Zierath of the SEI Wealth Network. [... More]
    • April 05, 2011
    • Quarterly Economic Outlook: Moving Ahead Despite the Challenges
    • There is no denying that the first quarter was a harrowing one. Yet, with the main exceptions of Japanese and emerging-market equities, financial markets have managed through the bad news. This impressive resiliency can be attributed to the underlying strength of the global economy. [... More]
    • March 31, 2011
    • What's Your Instinct? Head Vs. Heart
    • Do you invest with your head or your heart? That is the question. Many investors believe they are completely rational when it comes to making financial decisions, but when the heat is on they tend to revert back to their most primitive instincts. This article explores the necessity of both your logical and emotional sides when making important investment decisions. [... More]
    • March 16, 2011
    • Japan: Too Early to Tell
    • Japan, the third-largest economy in the world, has endured earthquakes, a tsunami and multiple nuclear reactor failures. The long-term downstream consequences will not be clear for quite some time. Gross domestic product (GDP) will be negatively impacted in the short term, but rebuilding should help economic activity rebound. [... More]
    • March 16, 2011
    • Video: Oil, Water, Food and Money - An Economic View of Political Tensions in the Middle East
    • In February, political turmoil in Egypt led to the temporary closure of that country's stock market and banking system. Unrest in other countries in the region has raised questions about the implications for financial markets. This video explores the potential impact of this political tension on the supply of oil and food, as well as the impact on the global financial system. [... More]
    • March 14, 2011
    • February 2011 Market Update
    • With a year of global growth ahead, SEI maintains its neutral view toward emerging-market debt, but has a positive outlook for emerging equity. Government debt, emerging-country inflation pressures and possible surprises will color the investment backdrop. [... More]
    • February 25, 2011
    • It’s All About the Oil: A View of Events in Libya
    • The ousting of Tunisia’s President Zine al-Abidine Ben Ali on January 14 was the first domino to fall in a series of uprisings in Africa and the Middle East. The protests were largely a sideshow for the financial markets…until Libya exploded. [... More]
    • February 10, 2011
    • Oil, Water, Food and Money: A Macro View of Political Tensions
    • Ongoing political turmoil in Egypt led to the temporary closure of that country’s stock market and banking system. The market is expected to remain closed until the week of February 13, while banks reopened on Sunday, February 6. A run on Egypt’s currency or debt would cause considerable harm to its economy and financial system. [... More]
    • October 05, 2010
    • Comparing Recessions: U.S. "Great Recession" vs. Japanese "Lost Decade"
    • A spate of economic data raised concerns that the U.S. economy is facing a “lost decade” like the one Japan experienced from 1991-2001. While we see similarities, a closer look reveals significant differences which we believe ultimately render them uncomparable. [... More]
    • September 27, 2010
    • Macro-Dominated Markets and Spiking Correlations: Current Challenges and Future Opportunities
    • A recent article in The Wall Street Journal focuses on how macroeconomic themes are currently a driving force in U.S. financial markets, much to the frustration of stock pickers. [... More]
    • June 03, 2010
    • Investment Update: Why U.S. Investors Should Care About the Euro
    • Why should U.S. investors care about the sovereign debt troubles of Greece and other European countries? These issues can have a significant impact on domestic investments. [... More]
    • March 29, 2010
    • Outlook on Global Sovereign Debt
    • Since global markets began their downward spiral, the coordinated efforts of central banks and governments have helped avoid systemic collapse, and the global economy has been on the road to recovery. However, fears about sovereign debt have escalated. [... More]
    • March 24, 2010
    • The Effects of Recession on U.S. State Governments
    • Individual states are expected to remain resilient but under considerable stress as the U.S. economy continues to recover from the national recession that began in December 2007. [... More]
    • March 18, 2010
    • Should We Hold a Family Meeting?
    • Are family meetings worth the effort? We believe they are an effective way to share your goals for self, family and community—the groundwork for an enduring family legacy. [... More]
    • January 08, 2010
    • Vacation is Over. Active Tax Management is Back in School
    • As we have been repeatedly reminded with regards to our investment portfolios, “It’s not what you make that counts, it’s what you keep.” With that in mind, we thought it would be constructive to remind everyone about our efforts to increase “what you keep.”
      [... More]
    • July 15, 2009
    • Commentary: An Assessment of President Obama’s Proposed Financial Reform Legislation
    • While the plan offers increased supervision for non-banks, early identification of firms whose collapse would cause systemic issues, and enhanced consumer protection, there are many aspects that have been met with skepticism. [... More]
    • March 13, 2009
    • Stimulus Package: An Overview and Outlook
    • At the present time, we see nothing in the stimulus package that would lead to changes in our asset allocation recommendations. Active managers can be expected to find opportunities in this environment. [... More]

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