Insights

AviationPros Podcast: Addressing Trends and Concerns in the FBO Industry

Josh Ollek, managing director of William Blair’s Aerospace, Defense, and Government Services team, recently joined the AviationPros Podcast. Ollek discussed how high demand for private aviation—spurred by persistent delays and cancellations on commercial flights—has created a hangar shortage across the country. He also outlined electrification trends in private travel and among fixed-base operators.

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On the Ground and in the Cloud: Observability and AIOps

William Blair tech analyst Jake Roberge joins the show to discuss the observability and AIOps software markets, including the increasingly important role these platforms are playing for businesses of all sizes, why they are gaining momentum over legacy monitoring tools, and some of the key trends he’s seeing in the market.

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Understanding Increasingly Popular Holdco NAV Structures

NAV financing—loans to funds supported by the net asset value of their portfolios—has become increasingly popular with financial sponsors over the past year. This article, written in partnership with global law firm Proskauer Rose, outlines how the Holdco Structure helps navigate key considerations in NAV financings.

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The Quarterly Rx: Q1 2024 U.S. Biopharma Recap

Biopharma’s rebound came into full effect in Q1 2024. In this report, William Blair's biopharma team shares its perspectives on the biopharma environment in Q1 2024 and what to expect for the remainder of the year.

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Three Issues in Zambia

Dan Wood speaks to us from Zambia, where restructuring, mining, and currency appreciation are top of mind for emerging markets debt investors.

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Is This Another Market Bubble?

Are we facing a stock market bubble? In some ways, the acute rise in select stocks could suggest we are. However, as macro analyst Richard de Chazal examines, many of the valuation metrics of companies driving these gains have so far delivered on these expectations, relative the late 1990s, when it was mostly all narrative and no numbers.

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The Potential Impact of GLP-1s on Restaurants and Fitness Clubs

Will consumer relationships with restaurants and fitness centers change as GLP-1s grow in popularity? Sharon Zackfia, group head of consumer research, breaks down the results of two recent proprietary surveys conducted to gain insight into whether reduced caloric consumption among GLP-1 users could lead to a sales slowdown for restaurants and provide a material tailwind for fitness companies.

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GLP-1s: The $100 Billion Answer to a Trillion-Dollar Question

Ryan Daniels, CFA, partner and group head of healthcare technology and services, discusses the impact of GLP-1 drugs on healthcare spending and care delivery, along with the need for healthcare services and digital health providers that can help employers and consumers effectively manage the emerging wave of GLP-1 drugs.

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Education Financing

Among its many benefits, a college education can have a significant impact on future earning potential. It is an important investment. It is also becoming a more expensive one as increases in college costs continue to outpace inflation.

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The Economics Behind the GLP-1 Phenomenon

Equity research analyst Ryan Daniels examines the growing impact of GLP-1 drugs on healthcare spending and care delivery, along with the needs for health providers, employers, and consumers to effectively manage the emerging wave of GLP-1 drugs.

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Scratching Below the Surface of the Economic Data

While some may be declaring victory in the recession/no-recession debate, there is plenty of evidence to suggest that growth may not be nearly as strong as it seems to be on the surface. Richard de Chazal examines the six data points he believes investors should be cognizant of.

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How Advertising Executives are Navigating Budget Changes in 2024

As economic conditions improve, so too does confidence among advertising executives about their 2024 budget allocations. In this episode of William Blair Thinking Presents, research analyst Ralph Schackart walks through the results of his latest quarterly digital advertising executive survey, including how digital ad spending has changed in recent months and 2024 budget forecasts.

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Lender Competition Burns Through Winter Chill

The U.S. institutional leveraged loan market cooled in Q4 to close out a year characterized by lackluster deal flow, a persistent shift from syndicated markets to private capital, and high interest rates that took a toll on borrowers.

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Advanced Manufacturing in the U.S.: The Future is Now

As companies look to bring manufacturing efficiently closer to the point of consumption, equity analyst Brian Drab details why advanced manufacturing, including 3D printing, will continue to change the entire manufacturing industry here in the U.S.—and worldwide.

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Waiting for the Dam to Burst in Secondaries

Much of what can be said for the overall M&A market heading into 2024 can be said for secondaries—activity still hasn’t fully recovered, there’s a lot of capital on the sidelines, and global turmoil keeps getting in the way. In this quarterly update, we look back at 2023 and forward to 2024, with close looks at GP-led secondaries and the evolution of underserved areas.

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Paving the Way for Non-U.S. Equity Outperformance

Non-U.S. equities are likely beneficiaries of falling interest rates in the U.S. and the dollar weakening rather than strengthening. Ken McAtamney, head of the global equities team, explains why these could potentially pave the way for a good year for global equities. This article is featured on William Blair Investment Management's Active Never Rests blog.

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Will the Fed End Its QT in 2024?

Richard de Chazal examines another important aspect of the Fed—its balance sheet—and outlines what has motivated the discussion on ending its quantitative tightening (QT) so soon.

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Biotech Breakthroughs—The Revolutionary Potential of Cell Therapy for Autoimmune Disorders

Clinical case studies have sparked significant interest in the use of CAR-T for autoimmune disorders, potentially expanding CAR-Ts’ utility beyond oncology. In this podcast episode of Biotech Breakthroughs, equity research analyst Sami Corwin offers an overview of the known biological underpinnings of autoimmunity and rationale for using CAR-T as a therapeutic, breaks down the CAR-T cell therapy competitive landscape, and analyzes the potential market opportunity for these therapies.

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The Battle of Silicon vs. Lithium Metal

The battery industry has been in search of a revolution. While new architectures like Lithium-metal anodes and solid-state designs have received the lion’s share of development, funding, and investor attention, Jed Dorsheimer outlines his contrary thesis of why high-content silicon may deliver the evolution that the battery industry actually needs.

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The Good News About Higher Interest Rates

Why did powerful third-quarter growth come as such a surprise? Olga Bitel and Hugo Scott-Gall of our Investment Management team discuss the broad expansion in the U.S. economy, the moderation of inflation, and what to look for in a stock picker’s market.

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Our Top Blogs of 2023

With 2023 winding down, we highlight some of the most impactful blogs of the year from William Blair's Investment Management professionals.

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Monthly Macro with Richard de Chazal—2024 Outlook

Macro analyst Richard de Chazal reflects on the resilient year and expands on his 2024 Outlook’s key themes, including the sticky pockets of inflation, the 3 keys the Fed needs to achieve success next year, Treasury Secretary Yellen’s “Operation Twist” reboot, and more.

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U.S. Onshoring and Its Impact on U.S.-Centric Companies

As onshoring continues to reshape the global trade landscape, it is crucial for investors to understand its impact, as Rob Lanphier, partner, and Jim Jones, CFA, partner, explain. This article is featured on William Blair Investment Management's Active Never Rests blog.

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Cosmic Capitalism

The cosmos, the final frontier, the galaxy beyond: Our collective fascination with outer space has always been intense. But with companies and public figures now dedicating huge sums of money to space exploration, it seems a new kind of space race has been born. In this episode of The Active Share, Hugo sits down with Chris Impey, an astronomer, educator, and author, to discuss the potential economic, environmental, and geopolitical ramifications of space exploration.

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Economic Outlook 2024: Testing Resiliency

While investors will hope for the best in 2024, macro analyst Richard de Chazal examines the resiliency of the markets against a crowded backdrop of Fed policy uncertainty, inflation, bond market and economic dynamics, and other factors each of which will test the limits of the market’s endurance.

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Did November’s Rally Alter the Market Outlook?

What a difference a month makes. Markets swooned in October, only to see virtually all risk assets, including small-caps, rally in November. What changed? Macro analyst Richard de Chazal breaks down the Fed’s recent statement, the market’s rate expectations, and the current state of the economic slowdown.

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On the Ground and In the Cloud: A Deep Dive into the Trends Impacting Developer Technologies

Software developers not only represent the early adopters who will determine the success of a particular product or project, but also have become primary influencers in software purchases. In the latest William Blair Thinking Podcast, analysts Jason Ader, Arjun Bhatia, and Jonathan Ho delve into the key trends and potential disruptions, including generative AI, in this exciting new era of coding capabilities.

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Themes and Trends on the Rise in Philanthropy

Philanthropists continue to demonstrate incredible creativity and generosity, even during disruptive times. Head of Philanthropy Strategy Laura Coy outlines four key trends that we’re seeing, and which give us an optimistic outlook on the state of charitable giving.

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Enhancing Results With a Buy-Side Debt Advisor

Buy-side financing has become increasingly complex, with direct lending dominating middle-market leveraged buyouts and acquisitions. New lenders and strategies have emerged, while investment committees have become fickle and are frequently deterred by complex credit stories.

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Flirting With and Dating Recessions

Timing an economic recession is never easy, as proved this past year. In this report, we take a snapshot of where the main indicators are today, and what some of the more forward-looking data suggest.

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Where Are We in the Small-Cap Cycle?

Macro analyst Richard de Chazal details several reasons that suggest many of the fears about smaller-cap stocks—which historically track to the U.S. economy—have already been priced in.

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The Quarterly Rx: Q3 2023 U.S. Biopharma Recap

Biopharma indices finished Q3 near recent lows, amidst resurfacing macro concerns, including a more hawkish Federal Reserve, equity outflows, and the (now averted) shutdown of the federal government in the United States.

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4 Reasons to Consider Emerging Markets Debt Now

Over the past few years, emerging markets debt has underperformed as interest rates have increased to fight inflation. Marcelo Assalin, CFA, partner and head of our emerging markets debt team, explains why it’s an interesting moment to consider this asset class.

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Putting the Tech in Biotech: A Deep Dive on AI in the Sector

In this inaugural episode of Biotech Breakthroughs, equity research group head Tim Lugo speaks about the impact of artificial intelligence and machine learning on the biotechnology industry, including the ways in which AI is revolutionizing drug development, impacting valuations, and the potential risks that lie ahead.

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Accelerating the Pace of Clinical and Community Excellence: Rush University System for Health

In a city long renowned for excellence in the arts, architecture, and medical education and clinical care, the Rush University System for Health (RUSH) network of academic medical center and ambulatory care facilities, its affiliated University, and community engagement programs has made it a holistic center of excellence. This client profile highlights this impressive institution from three unique William Blair perspectives.

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Generational Healthcare and Wealth Preservation Tips

With the rising costs of today’s healthcare needs and the challenges that social programs such as Medicare may face in coming decades, we provide an array of tips and tactics to help clients of all ages better plan for, and protect, their wealth and well-being.

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Transitions in Value: Technology

When the world changes, opportunities to find value may present themselves. Here are some recent examples of technology sector segments that are being affected by transitions. This article is featured on William Blair Investment Management's Active Never Rests site.

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Quick Reference Guide to Retirement Plans

Understanding the nuances between retirement plans can be challenging. William Blair’s Quick Reference Guide to Retirement Plans compares and contrasts features such as account establishment, account contributions, and accessibility.

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Thinking Differently About Recruiting

While the Blair Connect summer internship program is only two years old, it’s already impacting how we approach recruiting, says Drew Buckley, CFA, partner, and research analyst on the global equity team.

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Cultivating a Passion for Finance

Yan Krasov, CFA, partner, and research analyst on the U.S. growth and core equity team, explains how the Blair Connect summer internship program allows students to discover unique career opportunities in finance.

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Is This the AI Renaissance?

Artificial intelligence (AI) has the potential to greatly enhance human capabilities and improve lives. But the implications are far-reaching and not fully understood. In this episode of The Active Share, Hugo Scott-Gall sits down with Tyler Cowen, best-selling author, podcast host, and Holbert L. Harris chair of economics at George Mason University, for a conversation about the impact of AI on labor, capital, business models, and global connectivity.

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William Blair Thinking Presents—Artificial Intelligence in Information Services: Evaluating the Ramifications of a New AI Paradigm

In this podcast episode of William Blair Thinking Presents, global services analyst Andrew Nicholas examines the industrywide impacts, implications, and potential risks that artificial intelligence presents for the information services sector and offers an overview of the framework he employs to evaluate information services companies in light of these industrywide dynamics.

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Retirement and Wealth Transfer: What They Mean For Shareholders

For many investors, the two most important financial goals are to fund a long and successful retirement and to transfer their wealth. With thoughtful planning and strategic management of their portfolios, investors can successfully balance their retirement and wealth-transfer goals.

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Asset Allocation: Your Biggest Investment Decision

Building a portfolio involves countless decisions. But none is more important than how you allocate your wealth across asset classes. This white paper describes the process of developing a customized asset-allocation strategy, achieving meaningful diversification across and within asset classes, and monitoring allocations and reviewing portfolios.

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Building a Strong Investment Banking Network

Christina Bresani joins The Wall Street Lab podcast to explain the role of corporate advisory and its responsibilities in mergers and acquisitions, the changing landscape of friendly and hostile takeovers, and the need for valuable relationships with clients. She also discusses her background, breaking into the industry, and the importance of networking.

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Residential Services: A Key Growth Industry for the Next Decade

In this episode of William Blair Thinking Presents, we interview equity research analyst Tim Mulrooney, who shares insights from his residential services report, in which he outlines the various markets poised for growth, such as pest control, HVAC, lawn care, pool services, and more. Tim also sheds light on several megatrends that are reshaping these markets and should catch the attention of investors.

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Monthly Macro with Richard de Chazal—July 2023

In this episode of William Blair Thinking Presents, macro analyst Richard de Chazal discusses key economic indicators, the elusive “r-star” interest rate, trends in the housing market, the inflation outlook, and the market’s “fear of missing out” sentiment.

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Differentiated Beta-Bucketing Approach

To improve our ability to deliver risk-adjusted returns over time, we developed an innovative approach to viewing and structuring portfolio risk. Marco Ruijer, CFA, a portfolio manager on our emerging markets debt team, explains.

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Extensive In-Market Networks

In our target markets, research coverage is often limited. Over many years of travel and one-on-one conversations, we have developed an irreplaceable network of contacts in both the public and private spheres.

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Profound Loyalty

Having worked together for so long, we are committed to each other both professionally and personally. Our team members explain.

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Market Momentum Dominates Headlines

Mega-cap tech and AI dominated headlines and stock market momentum. While outperformance in the U.S. was led by a handful of stocks, head of global equities and portfolio manager Ken McAtamney looks at what investors may expect in the third quarter. This article is featured on William Blair Investment Management's Active Never Rests site.

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Estate Planning Checklist

Estate planning is a method for determining how to distribute your property during your life and at your death. William Blair published an organizer to help facilitate the process.

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What’s Driving Consumer Spending?

The resiliency of the consumer has been a surprise to most. Will it last? Macro analyst Richard de Chazal breaks down the four key drivers of spending and outlines where the data suggest certain areas of consumer strengths may be starting to wane.

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A Perspective on Corporate Earnings: Second Quarter 2023

For many, this earnings season will be more “confession time” as one of the big questions is whether earnings declines will have troughed? To help answer this question, we outline three key factors that we think should draw investor focus: the impact of prevailing higher rates, pricing power and the consumer, and a trend many have been following closely—labor dynamics.

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Spousal Lifetime Access Trust

The SLAT is a type of irrevocable trust used to transfer wealth outside your estate in which one spouse creates a trust for the benefit of the other spouse and his/her heirs.

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Tax Breaks Target Investing in Struggling Communities

The Opportunity Zone program was established under the sweeping Tax Cuts and Jobs Act. The initiative created defined opportunity zones which offer significant potential tax breaks to individuals and companies who invest in selected urban and rural areas that meet income or poverty thresholds.

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Monthly Macro with Richard de Chazal—June 2023

In this episode of William Blair Thinking Presents, macro analyst Richard de Chazal discusses the latest CPI data, the ongoing impact of the Federal Reserve’s inflation fight, and his economic outlook for the near and long term. In addition, Richard provides listeners with macro highlights from William Blair's 43rd Annual Growth Stock Conference and shares insights into attending management teams' assessment of the macroeconomic landscape.

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What’s Up With the Housing Market?

In this latest report, Richard de Chazal, macro analyst, William Blair Equity Research, examines supply-side dynamics in U.S. housing, the rise in cash purchases, and the magnitude of headwinds such as affordability and high mortgage rates.

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Cloud Computing: Dark Days, or Sunny Skies Ahead?

While gen AI continues to dominate the headlines, the once-ubiquitous “cloud” continues to face headwinds amid spending cuts. However, are the best days of cloud computing really behind us? Or, as equity analysts Jason Ader explains, select players within the cloud computing industry are—and remain—the future of IT.

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Large-Cap Growth: Our Edge

William Blair’s Large Cap Growth Strategy is grounded in identifying growing companies in growing industries—what we call structurally advantaged companies. Jim Golan, CFA, partner, and Nancy Aversa, CFA, partner explain why they believe this focus has the potential to create unique alpha opportunities for our clients.

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Inspiring Philanthropy Across Generations

For philanthropic families, charitable giving is more than just a way to strengthen their communities and support causes that are dear to their hearts. Philanthropy is a central part of the family’s mission, values, and legacy.

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Settling in for the Long Haul

Ken McAtamney, portfolio manager and head of William Blair Investment Management’s global equity team, shares his economic outlook for the remainder of the year.

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Anna Robertson: Telling Hidden Stories in Plain Sight

Emmy-award winning broadcast executive and entrepreneur Anna Robertson shares her media experiences from working with legendary journalist Diane Sawyer, covering 9/11, the Iraq War, and Hurricane Katrina to launching a new-wave media company.

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Collaborative Debate

Greg Czarnecki, a portfolio specialist on the U.S. value equity team, discusses how his team values both individual experience and team dynamics.

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Collective Wisdom

Three team members—a director of research, a research analyst, and a trader—explain how a rigorous application of collective knowledge contributes to their team’s dynamic (and success).

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Record of Personal Financial and Family Information

Having access to the right information when you need it most is essential to managing your wealth. Our new booklet helps you organize your family’s critical personal and financial information and serves as a consolidated record of your various assets.

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Generative AI: The New Frontier of Automation

Generative AI has been all the rage this year, propelling an entire sector and creating an unprecedented level of excitement among millions of users of this new software. But, as Equity Analyst Arjun Bhatia explains, we’re just getting started with this transformative, yet nascent, technology.

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Qatar’s Vision 2030

Qatar is continuing to evolve into a modern society, but its traditional Islamic heritage remains a part of the country’s vision of its future.

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Regional Bank Update

When any turmoil arises, as it has in the banking sector this year, we begin our analysis with a deep risk assessment. Our conclusion: While we are not actively increasing the overall exposure to banks in our U.S. value equity portfolios, we continue to use the market’s short-term volatility as an opportunity to potentially upgrade the quality of the portfolios’ holdings. This article is featured on William Blair Investment Management's Active Never Rests site.

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Plugged In With Jed Dorsheimer—Understanding Energy’s Relationship to Our Economy

In this inaugural episode, William Blair energy and sustainability equity research group head Jed Dorsheimer interviews Dr. David Murphy, associate professor of environmental studies at St. Lawrence University, to discuss the energy transition, the relationship between energy and our economy, and how the laws of thermodynamics can inform capital allocation strategies.

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Catalysts of an Evolving Tech Labor Market

The market for tech talent has experienced a volatile several years. Equity Analyst Maggie Nolan explains that despite the layoffs, a deficit of qualified tech talent persists, and companies that embrace partnerships and different shoring models will have access to a more resilient and dynamic pool of talent.

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Life Returns to Normal in Taiwan

While most Taiwanese wear masks in public, life and businesses have largely reverted to normal, and locals seem to have a relaxed attitude about rising geopolitical risks.

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Helping Aging Parents Get the Support They Need

As your parents or other relatives get older, they may need help with everything from managing their daily care to performing tasks such as grocery shopping, paying bills, and getting to appointments. In addition to these everyday activities, they will often need help making significant decisions about their finances and living arrangements.

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Egypt’s Plans for Privatization

Egypt’s government has plans for privatization and has already identified many companies to which it can sell state-owned enterprises. Could these plans impact Egypt’s ability to meet external financing needs?

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How Founder-Owners and Investors Think Differently

Many liquidity events involving founder-owned companies face the same underlying challenge: The business owner and outside investors often have diverging perspectives on everything from debt to reliance on third-party advisors to how they think about the future.

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Are Cracks Beginning to Form in Commercial Real Estate?

With heightened scrutiny following the recent SVB turmoil, investors are starting to look for other potential areas where credit stress may emerge. One such area is the CRE market. Although, currently there are several mitigating circumstances which suggest we may not be re-entering a 2008 environment just yet.

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Engineering a Solution for the “Forever Chemicals” Conundrum

While PFAS, or “forever chemicals,” have provided decades of convenience and safety, they have come at a significant environmental and health cost for millions. But, as Equity Analyst Tim Mulrooney explains, there’s two catalysts which may benefit this nascent but critically important remediation and solutions industry.

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A New Year in China

With the end of China’s COVID-zero policy, the country’s economy could gradually return to its full growth potential.

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Made in India

India is in the early phase of its pursuit for the “Made in India” strategic agenda.

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Industrial Innovation in India

The industrial space in India is benefiting from innovative strategies and a strong push for infrastructure buildout, which is helping to drive growth for many building-material-related businesses.

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Is a Fed Pivot in the Cards?

With the next Fed meeting still a few weeks away, we look at the recent messaging from Fed Chair Powell to decipher how they are trying to pull rate expectations higher and dissuade the market from prematurely pricing in a pivot.

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Will 2023 Be the Year of the Great Reveal?

While financial markets continue to make adjustments to future growth expectations, what will next year’s “great reveal” of earnings results unveil? See what three factors we will be keeping an eye on in 2023.

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Digitization in Japan

With digitization still present in Japan, small-cap companies embracing technology may present compelling, long-term investment opportunities.

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Navigating Today’s Rising Rate Environment

Today’s debt markets are evolving quickly in reaction to the current macroeconomic backdrop, hawkish fed, and inflationary environment. The leveraged finance markets remain largely receptive despite rising levels of uncertainty.

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Gloom and Doom from the IMF

One of the big takeaways from October International Monetary Fund (IMF) meetings was that avoiding a global recession within the first half of 2023 will be challenging.

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Exploring the Expansive Opportunities with Embedded FinTech

William Blair’s Jamie Hamilton, Managing Director, Financial Technology Investment Banking, explains how and why embedded Fintech is penetrating the vertical software market at an astonishing rate. Listen as Jamie explains how businesses are now more trusting of getting financial services, ranging from payment acceptance to payment disbursement to loans, directly inside of the software companies that service them.

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The Quarterly Rx: Q3 2022 U.S. Biopharma Recap

While biopharma markets stabilized in Q3 2022—providing issuers with the most constructive financing environment we have seen year-to-date—macroeconomic issues remain the key headline risk for the near term.

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