Sub-investment grade private credit (“private credit”) has seen tremendous growth in the past decade. Private credit offers the key benefits of higher cash yield, higher total return and lower volatility compared to broadly similar public fixed income securities. 

We explore the four ways that the new global economic order differs from the current order, the four policy priorities for the Trump Administration, the outlook for 2025-2026 and implications for investors.

Investors often think about the equity market as being divided into value stocks and growth stocks. We discuss whether this is an effective way to categorize stocks and the instances of stocks moving from one category to another. 

We examine the reasons for President Trump's introduction (and pause) of reciprocal tariffs on more than 90 countries, their potential impact on the economy and implications for investors.

The launch of GPT-4 technology ignited a surge of capex reminiscent of the late-1990s. We look at the surge, how long it might last and the implications for investors.

TD Epoch's investment philosophy focuses on free cash flow rather than on earnings. In this paper, we address two questions: 1) Why does free cash flow matter more than earnings in determining the value of a business, and 2) Do free-cash-flow metrics help investors identify stocks that outperform the market?