Separately managed accounts (SMAs) are quietly transforming asset management, offering a personalized alternative to mutual funds and ETFs. With 30% growth over the past two years, SMAs are projected to reach $3.6 trillion by 2027, driven by tax advantages and lower investment minimums. 

Unlike mutual funds, SMA investors hold individual securities, allowing for tailored portfolios based on specific preferences. Customizations, such as tax optimization and covered call strategies, can enhance returns for certain investors.

While fees may be higher, SMAs offer flexibility and control, especially for high-net-worth individuals. As technology evolves, the accessibility and customization options of SMAs are expanding rapidly.

Finsum: We have seen how the technology has really lowered the fees of these more customizable asset classes and we expect this trend to continue. 

Value investing has fallen out of favor in a market dominated by FAANG stocks, but there are strong indicators suggesting a revival is possible. Currently, value stocks are priced significantly lower than their growth counterparts, trading at only a fraction of the cost. 

Even though they’ve lagged behind, the core business metrics, such as earnings, have remained competitive with growth stocks, implying the downturn isn't tied to company performance. 

Moreover, in times of rising inflation, value stocks historically outperform, and with inflation likely to stay above central bank targets, this could boost their appeal. Growth stocks shine in long bull markets but tend to struggle in bear markets or early recoveries, making value stocks a safer option during uncertain times.

Finsum:  For those looking to diversify, gradually increasing exposure to value-focused investments could offer solid returns as value stocks regain prominence.

When autumn arrives, golf courses across the U.S. are draped in vibrant hues of orange, red, and yellow, making each round a visual delight. From the crisp, cool air of New England to the scenic mountains of the Ozarks, fall is one of the best times to tee off. 

• Sugarloaf Golf Club in Maine, with its challenging mountain terrain and sweeping views of brightly colored maples, offers a truly unforgettable experience.
•  In Massachusetts, Crumpin-Fox Golf Club sits in serene isolation, with its standout par fours and natural beauty enhanced by the Berkshire Mountains' autumnal splendor. 
• Further south in Missouri, Ozarks National at Big Cedar Lodge combines dramatic ridgelines, sinkholes, and thrilling holes with panoramic views that are brought to life in the fall. 

Ideal playing conditions, warm days, and colorful backdrops make these courses a must-visit for golfers seeking both challenge and beauty before winter sets in. 

Finsum: Whether it's the foliage or the perfect fairways, autumn golf is an experience not to be missed.

As the Federal Reserve signals more rate cuts, long-term municipal bonds (munis) are becoming increasingly attractive due to their competitive yields, tax benefits, and potential for price appreciation. Historically, long-term munis tend to outperform when the Fed shifts from a hawkish to a dovish stance, benefiting from falling interest rates. 

These bonds also offer superior credit quality and often deliver higher tax-equivalent yields compared to taxable bonds, making them a strong alternative to Treasuries. With their longer durations, munis are particularly sensitive to rate changes, allowing for significant price gains in a falling rate environment. 

Moreover, the increased issuance of municipal bonds this year has created a favorable buying opportunity, especially as tax reforms and higher marginal rates could further boost demand for tax-exempt investments. 

Finsum: For investors looking to capitalize on rate cuts, long-term munis offer a compelling mix of yield, tax advantages, and credit stability

Michael Hill became creative director of Drake’s in 2010, he transformed the brand from a traditional maker of brightly-patterned ties into a contemporary menswear label. 

He expanded beyond accessories, introducing clothing like blazers, shirts, and sweaters while maintaining a focus on craftsmanship. The debut of the unstructured Games blazer marked a turning point, attracting a new wave of tailoring enthusiasts. 

Collaborations with brands like Aimé Leon Dore also enhanced Drake’s reputation. Hill is cautious about rapid growth but optimistic about the brand’s evolving place in menswear.

Finsum: Drake’s has been central in moving away from slim and narrow cuts into a more functional and traditional fit.