New York Life Investments

I had the privilege of spending time with Sir Gareth Southgate , reflecting on his journey from international footballer to England manager. What stood out was how directly his leadership principles translate into high-performance environments like financial markets. 1. Game plans matter, but in-game management defines outcomes Southgate prepares rigorously: a clear starting plan with contingencies, such as chasing the game, protecting a lead, adapting to a red card. Yet no match follows script. The real edge is in-game decision-making: reading momentum, managing transitions, and acting decisively under pressure. In investing, scenarios matter, but outcomes are driven by how you adapt as reality evolves. 2. Conviction under noise: trust the dressing room over the crowd At the top level, every decision is scrutinised in real time. But internally, you have context others don’t, such as fitness, preparation, dynamics, long-term objectives. Southgate’s approach is simple: trust your process and your information edge. Markets are no different. Headlines create noise; performance is built on conviction, not reaction. 3. From player to manager: execution to orchestration The shift is fundamental. You move from individual performance to optimising the system, which often means stepping away from what you were once strongest at. In finance, that transition requires moving beyond technical skill into allocation, strategy, and operating with a broader lens. 4. The squad matters beyond the starting XI Southgate highlighted the importance of players who may not get minutes. They are “energy givers” who drive standards, culture, and intensity behind the scenes without direct matchday reward. Every high-performing organisation depends on these individuals, even if they are not visible in outputs. 5. Leadership is situational Leadership isn’t defined by hierarchy or the captain’s armband. It shows up in moments such as organising, communicating, stabilising under pressure. The best teams have leaders across the pitch. 6. Separate performance from results You can underperform and still win or perform well and lose. This requires discipline in performance assessment. In markets, short-term P&L is often an imperfect measure of decision quality. 7. Marginal differences create the edge Players in the same position offer different profiles, such as pace vs positioning, creativity vs discipline. Selection is opponent specific and context driven. In investing, optically similar opportunities often have different risk-return profiles. Edge lies in identifying those nuances. 8. Mentorship and balance build resilient teams Pairing younger players with experienced ones accelerates development and embeds standards. A balance of personalities creates a more adaptable squad. To conclude Whether in football or financial markets, performance comes down to consistently making better decisions, in real time, under pressure, with clarity, conviction, and the right team around you.

HFXI offers a cost-effective way to add broad developed market international exposure to a portfolio. Learn why advisors should look to HFXI for a solution that maintains a currency neutral position: https://lnkd.in/gS4Nz8Gc

As New York Life Investment Management’s Global Market Strategy team has noted in recent weeks, global markets are adjusting to three distinct disruptions to early-year optimism: the Iran-driven oil shock, renewed credit concerns, and shifting sentiment around AI. In this week’s #MacroMonday , the team focuses on the last of these, specifically how AI may impact the real economy and how its view squares with recent market price action. https://bit.ly/3OvnPlG

Munis are outperforming corporates, Treasuries, and many areas of fixed income, with high tax-equivalent yields out returning equities. Watch Eric Kazatsky of MacKay Municipal Managers discuss the value of active management and disciplined positioning in municipal bonds. 2026 Bloomberg L.P. All rights reserved. Used with permission.

A very positive shift the past few months is our industry’s ability to talk to members of government about what we’re all building. They are clearly engaged. I received great insights in speaking with regulators at the Solana Policy Institute ’s gathering in Brooklyn earlier this week. Regulatory risk sits near the top of every large financial institution’s list of reasons not to innovate. Ongoing dialogue with regulators doesn't eliminate it — but it meaningfully de-risks it. That alone can move a "maybe" to a "yes." Engaging with lawmakers is also an opportunity to shape the narrative and change perceptions of the technology. The real story is privacy, anti-trust, national security, better financial products, lower fees, access to banking services, pricing transparency. That's a message both sides of the aisle can get behind. TradFi and crypto have talked past each other for too long. TradFi is starting to lead the conversation — but they need to bring crypto's best innovations with them. Crypto has done the fun part but it is time to put on a suit and do the hard stuff – risk management, compliance, regulatory jurisdiction, interoperability, consumer protection. Great work by the Solana team in bringing Wall Street, policymakers, and builders into one room.

What if the biggest barrier to using annuities in your practice is simply perception? Misconceptions around fees, performance, and flexibility often prevent clients from considering solutions that could play a meaningful role in their financial strategy. Visit the Advisor Education Center for the article, “Demystifying Annuity Myths: Breaking Down Common Misconceptions” to help reframe annuities as tools for income, protection, and tax efficiency. https://bit.ly/44w0rZV

Munis are proving resilient in a volatile rate environment, rallying and outperforming Treasuries while continuing to offer compelling relative value. At the same time, taxable municipals are reinforcing their role in portfolios, delivering attractive risk adjusted returns relative to corporates alongside structural advantages like higher credit quality and diversification. Explore the latest insights from our MacKay Municipal Managers team: https://bit.ly/42cRGCo

Munis are proving resilient in a volatile rate environment, rallying and outperforming Treasuries while continuing to offer compelling relative value. At the same time, taxable municipals are reinforcing their role in portfolios, delivering attractive risk adjusted returns relative to corporates alongside structural advantages like higher credit quality and diversification. Explore the latest insights from our MacKay Municipal Managers team: https://bit.ly/4dPczuC

Focusing solely on risks misses a key point ➡️ #privatecredit has become an engine of growth for the real U.S. economy. Its role in supporting “Main Street” businesses reinforces our team’s continued conviction in private credit. Here are why: - fills an important lending gap post-global financial crisis - is a critical engine of the REAL economy, providing capital to businesses that are often too small for broadly syndicated loans or investment-grade issuance - it provides investors access to “Main Street” exposure See Sarah Hirsch's report: https://lnkd.in/epUnqztb