By using a disciplined business cycle approach, investors can identify key phases in the economy to achieve active returns from sector allocation.

As market strategists and pundits attempt to predict the end of this economic cycle, a commonly mentioned indicator is the term spread of U.S. Treasuries – or the difference between short-term yields and long-term yields.

With the failure of Congressional Republicans to repeal and replace the Affordable Care Act, tax reform is now thrust to the front of the line as the White House and Congressional Republicans look for their first major legislative policy win.

Many U.S. based investors largely invest in domestic companies and institutions, whether through equity investments in U.S. companies, the purchase of debt issued by those same companies, or debt issued by state and federal governments. However, ignoring the myriad opportunities available outside the United States can potentially hinder performance in the long term.