China’s economy and markets are not only too large to ignore, but they are now so large that there is a small but growing group of investors who approach China as a specific investment allocation.

As we settle into the first quarter of 2023, it’s worth discussing the current cycle and the implications for markets in 2023—but the bigger issue is the developing likelihood we have begun to shift into a different economic and market environment, marking a different era than we have seen in the decade-plus since the Global Financial Crisis (GFC). 

State and local government public pensions weren't among Gov. Greg Abbot's State of the State address on Feb. 16; however, he did discuss the importance of the public education system in Texas, touted previous increases to teacher pay, and said the current legislative session could do even more for the educational system and teachers. 

In the world of safaris, “the big five” are highly prized among sightseers and photographers: the lion, leopard, black rhinoceros, elephant, and buffalo. But in investing, the big five could more aptly refer to the connected categories of growth, inflation, interest rates, valuations, and style.

While we are favorable on the overall outlook for emerging markets (EMs), there is a wide disparity in the pace and stage of their recoveries from economic disruptions caused by the COVID-19 pandemic. While gross domestic product (GDP) expectations for all EMs decreased significantly because of the pandemic, this delta is significantly smaller for countries such as China that were among the first to experience widespread infections and implement measures to control the pandemic.