Joseph Matus, CFA
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Principal
Joe is a Principal in the Pennsylvania office. In his role in the Investment Office, Joe helps formulate the firm’s investment outlook. He supports advisors in portfolio construction with strategic and tactical asset allocations and delivers insightful research on economic and market developments. Joe also contributes to the firm’s manager research process, searching for best-in-class investment managers across traditional and private markets.
Prior to joining Cerity Partners, Joe served as an Analyst at Permit Capital Advisors, LLC. In that role, he contributed to all aspects of the research process, including due diligence on existing and new managers. Joe’s prior roles included investment research that spanned a range of asset classes, including equities, real estate, and alternative investments.
Economic and Market Outlooks
Beneath a flat S&P 500, markets are rotating sharply out of AI leaders (down 20% from June highs) and into AI-threatened stocks (up 46% from June lows); despite mounting risks, we believe AI is still early in its development, but volatility makes diversification essential.
Economic and Market Outlooks
After a five-year stretch of roughly 0% returns as markets adjusted away from near-zero interest rates, today’s higher starting yields give intermediate-duration bonds both solid income and an asymmetric payoff, since a further 1% rise in yields would leave returns about flat while a 1% decline could produce a double-digit gain.
Individuals and Families
Looking into Q4 and beyond, AI-related capital investment and fiscal support should help sustain global growth, while stubborn inflation, tighter monetary policy, and elevated rates favor a selective approach across bonds, equities, commodities, and currencies.
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