Up and Down Wall Street

Todd Combs left Berkshire Hathaway, where he was a top investment manager and the CEO of its Geico unit, at the end of last year. He opens up for the first time about his new role at JPMorgan Chase.

Stocks are falling, oil is surging, and the Fed is no longer likely to provide rate cuts. For now, cash is the only haven.

Insights from hedge fund manager Guy Spier in the wake of his terminal disease diagnosis.

Sure, they had a great run. But they were overpriced, free-spending—and, as it turns out, vulnerable to AI.

Stocks are falling, inflation is growing, the Fed may be hamstrung. What else could go wrong? At least there are bargains in business development companies whose stocks were crushed.

Policy decisions have fueled a bull market, which has enriched asset holders and driven consumer spending. But market cycles haven’t been permanently repealed.

Dow 50,000 could mark an interim top as AI fears hit new industries and hopes for interest-rate cuts diminish.

Well before the past week’s gyrations, the stock market’s character already had undergone a significant transformation, one that resembled what followed the dot-com boom at the end of the last century.

Under Kevin Warsh, President Donald Trump’s pick for Federal Reserve chair, the central bank will likely accommodate Uncle Sam’s spending needs. No wonder so many giant start-ups are eyeing stock offerings this year.

Global stocks staged a relief rally after Trump rolled back his threat to take Greenland by force, recouping most of their earlier losses, just as they have after previous episodes.

John Davi of the Astoria Real Assets ETF favors gold over other metals.

Banks have retreated from home loans because of increased capital requirements and low margins, leaving the field to upstarts like UWM and Rocket.

Bond yields look set to rise this year, despite the possibility of at least two Federal Reserve rate cuts. Even a small increase in yields can be a problem.

For three years, Big Tech has been able to cover up the market’s flaws. Cracks started appearing in 2025—and they’re only looking worse.

A tribute to prominent business figures we lost in 2025.

Here are some of the prominent business leaders, leading lights from sports, and a noted economics writer whom we lost in 2025.

Walmart, Berkshire Hathaway, and Apple—arguably America’s three most important companies—will soon see a change of the guard.

The Federal Reserve cast the move as management of money-market conditions. Others see coordination with the Treasury to help fund the deficit and suppress long-term yields.

Prognosticators offer up their views on everything from a Swifty marriage boom to the role of affordability in next year’s elections to the fates of the dollar and inflation. Why the foreseeable future is a little foggy.

This phenomenon is far from dead. And it isn’t just Nvidia vs. Alphabet. Here’s a look behind the curtain.

“AI is in a rational bubble,” says Mohamed El-Erian. “It makes sense to overinvest in it, to overspend on it, because the payoff is enormous.” But, he warns, there will be a small number of winners.

Hyperscaler deals are testing the limits of investor understanding. Moreover, investors often fail to appreciate how previous booms have played out.

Though the immediate impact of Mamdani’s win is limited, the signal it sends is not. Americans are increasingly comfortable voting for heavy-handed government.

The company is testing the math behind the artificial-intelligence buildout: How long can you increase capital expenditures out of cash flow—and what do you do when you hit the wall?

Treasury plans typically don’t get nearly the attention of Federal Reserve announcements. But its statement could affect bonds, and in turn other asset prices.