Insights

Investment Commentary

INVESTMENT INSTITUTE | APRIL 20, 2026

Real Assets Spotlight: Municipal Bonds – We Think Value Can Be Found

by Luis Alvarado | Co-Head of Global Fixed Income Strategy of Wells Fargo Investment Institute

As we move through the second quarter of 2026, we believe the municipal (muni) bond market presents a compelling opportunity following a meaningful muni bond price reset. In our view, muni bonds potentially stand out as a destination for investors seeking income, diversification, and potential resilience in an environment marked by equity volatility and geopolitical uncertainty.[Read more]

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INVESTMENT INSTITUTE | MARCH 16, 2026

Real Assets Spotlight: Unpacking Oil’s Recent Volatility and the Potential Path Ahead

by Mason Mendez | Investment Strategy Analyst of Wells Fargo Investment Institute

Oil prices spiked close to $120 per barrel in response to the escalating conflict in the Middle East and disruptions in the Strait of Hormuz. We recognize the risk of near-term volatility in oil prices. However, we expect mounting supply headwinds through year end to be a strong headwind for prices.  [Read more]

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INVESTMENT INSTITUTE | FEBRUARY 17, 2026

Alternatives: Secondaries Continue to Gain Momentum

by Chao Ma | Global Portfolio and Investment Strategist of Wells Fargo Investment Institute

Private secondary transaction volume exceeded $220 billion for the first time in 2025, representing growth of over 40% compared with 2024. Given the market’s increasing scale, diversified opportunity set, and differentiated risk-return characteristics, we maintain a favorable view on secondaries strategies.[Read more]

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INVESTMENT INSTITUTE | DECEMBER 2025

Special Report: 2026 Outlook: Trendlines over headlines

by Darrell L. Cronk | President of Wells Fargo Investment Institute

When negative headlines prevail, readers often reach reflexively for Murphy’s Law and a “Well, that figures” shrug. Even good news in abundance can prompt a squint to find the negatives that must be in there somewhere. 2025 certainly created lots of headline fatigue around rapid and sometimes abrupt changes, both in government policies and in the technological revolution that is artificial intelligence (AI). But we are looking through the headlines and see economic and policy trends that should drive the economy and capital markets in 2026.  [Read more]

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INVESTMENT INSTITUTE | DECEMBER 3, 2025

Special Report: State of the Markets: This much I know to be true

by Darrell L. Cronk | President of Wells Fargo Investment Institute

These are the early days of the artificial intelligence (AI) revolution, the infancy stage of what we believe is likely to be a transformational change moment in the course of human history. Like any era of change, we stand on a blade’s edge – on one side: the promise of prosperity that has historically accompanied eras of innovation; on the other: the inevitable fears that we are going too fast and markets may be due for a reckoning.  [Read more]

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INVESTMENT INSTITUTE | OCTOBER 16, 2025

Special Report: Bitcoin and Ethereum – What’s the Difference?

by Brian Rehling, CFA | Head of Global Fixed Income Strategy of Wells Fargo Investment Institute

As digital assets gain popularity, it is important to understand that while many appear similar, they are not all created equally. Among the plethora of digital assets, Bitcoin and Ethereum have emerged as the largest, accounting for roughly 70% of the total digital asset market capitalization. Despite often being viewed in a similar light, they differ fundamentally, both in their purposes and the mechanisms that allow the networks to function. This report compares these two digital assets, noting their similarities, differences, and risks.  [Read more]

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INVESTMENT INSTITUTE | AUGUST 11, 2025

Asset Allocation Spotlight: Comparing the Dot-Com Bubble and Today’s Market

by Douglas Beath | Global Investment Strategist of Wells Fargo Investment Institute

Although there are similarities between today’s market and that of the late 1990s, we believe today’s leaders consist of higher-quality companies with strong balance sheets, and current valuations are not at extreme levels. Despite the positive outlook for Artificial Intelligence (AI), we are mindful about overpaying for technology stocks. We recently downgraded Communication Services to neutral and could consider downgrading the technology sector in the future as well should valuations continue to climb.  [Read more]

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INVESTMENT INSTITUTE | JULY 15, 2025

State of the Markets: From the Lifeguard Chair

by Darrell Cronk, CFA | President of Wells Fargo Investment Institute

Simply put, summertime is glorious. Just the thought evokes images of sunny skies, warm sand, and refreshing ocean waves on a hot day – when long days are best spent on vacations and time with family and friends. Wall Street tends to enjoy the early days of summer as well. Historically, July has been one of the best months of the year for the S&P 500 Index, delivering median 2.7% returns from 2015 through 2024.  [Read more]

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INVESTMENT INSTITUTE | JUNE, 2025

2025 Midyear Outlook: Opportunities and Uneven Terrain

by Darrell Cronk, CFA | President of Wells Fargo Investment Institute

Our 2025 Outlook report foresaw a new chapter for the U.S. economy, including policy changes – but not to this degree. The largest tariff increases since the 1930s are rapidly reshaping global trade and are likely to spark inflation and slow spending. Tariff negotiations are ongoing, but we do expect some significant tariffs still in place through 2026. Meanwhile, Congress is hammering out a budget that should extend the 2017 tax cuts and may add some new ones. Much depends on policy negotiations that remain fluid.  [Read more]

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INVESTMENT INSTITUTE | APRIL 28, 2025

Asset Allocation Spotlight: The Risks of Trying to Time Tariff Turmoil

by Michael Taylor, CFA | Investment Strategy Analyst of Wells Fargo Investment Institute

Missing only a handful of the best days in the market can drastically reduce the average annual return of a portfolio over time. During choppy markets like we have been experiencing, we believe staying invested can be more beneficial than selling into volatile markets and attempting to avoid losses.  [Read more]

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INVESTMENT INSTITUTE | APRIL 3, 2025

Implications of a Growing Menu of Tariffs

Paul Christopher, CFA | Head of Global Investment Strategy of Wells Fargo Investment Institute

President Donald Trump announced new tariffs on April 2 that delivered a 10% baseline levy plus reciprocal tariffs varying widely across countries. These measures likely will slow the economy by more than what we previously expected, but we also see several mitigating factors that should allow the economy to escape a recession.  [Read more]

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MARKET COMMENTARY | FEBRUARY 26, 2025

Measuring Market Breadth from a Different Angle

by Scott Wren | Senior Global Market Strategist of Wells Fargo Investment Institute

When we are talking about market breadth, we are examining how many sectors or individual equities participated in the S&P 500 Index’s rally to last week’s all-time record high. Our expectations call for broader sector, sub-industry group, and individual-stock participation this year.  [Read more]

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