Steffen Meister says AI brings new risks and rewards Partners chairman says PE must attract more retail investors Before it’s here, it’s on the Bloomberg Terminal LEARN MORE Get Bloomberg's most popular newsletters. Subscribe now to get the Evening Briefing, Five Things, and Matt Levine's Money Stuff. By submitting my information, I agree to the Privacy Policy and Terms of Service and to receive offers and promotions from Bloomberg. A return to record-breaking dealmaking in the private equity...

More It’s too late in this market cycle to bet on high-yield bonds, according to Morgan Stanley Wealth Management. So, the $2 trillion money management arm is completely slashing junk bond allocation. True, tax cuts are expected to inject fresh momentum into high-flying stocks, but the boost may be short-lived and mask balance-sheet weaknesses, Mike Wilson, chief investment officer, wrote in a note distributed Wednesday. “While the tax cuts just enacted in the U.S. may lead to better growth...

ETFs accounting for biggest proportion of financials trading Underlyings more pricey to trade as single-stock volume falls While the rest of the U.S. stock market celebrates its independence, liberated of lockstep moves and free to chart its own course, bank shares remain a bastion of groupthink. So riveted are traders to interest rates and Trump tweets that the sector is swinging up and down with almost unheard of uniformity. While correlations among S&P 500 Index members hover near a...