Insights
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Private Markets Update with Tony Frascotti, Head of Private Shares Trading
Tony Frascotti, William Blair's Head of Private Shares Trading, discusses the evolving landscape of private shares trading, highlighting market shifts, the expanding influence of AI and crypto sectors, and the changing dynamics of IPOs and liquidity for late-stage private companies.
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U.S. Energy Policy in a Multipolar World
If the world shifts towards a multipolar economic system, America faces the hard reality of reindustrializing. Explore the critical choices ahead for U.S. policy, its advantages over Europe, and why reliable, dispatchable baseload power is the key to reindustrialization.
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High-Performing Nonprofit Boards Driving Sustainability and Success
From rising program costs and greater demand for services to uncertainty of revenue resulting from federal funding cuts, the fiduciary and strategic role of a nonprofit board is mission-critical for the sustainability and success of an organization.
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The Growing Importance of AI in the Revenue Cycle Management Marketplace
William Blair’s group head of healthcare technology and services analyst, Ryan Daniels, explores how artificial intelligence is revolutionizing healthcare revenue cycle management by automating financial workflows, reducing costs, and reshaping the industry’s future for providers and vendors.
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The Perpetual Growth Machine
We call humanity’s quest for improvement—to ensure better harvests, more comfortable homes, easier ways to make a living—the Perpetual Growth Machine, or PGM for short. More than a set of economic principles, the PGM is a mechanism that alchemizes needs into opportunity.
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Monthly Macro: Pain at the Plug
Macro analyst Richard de Chazal and group head of energy and power technologies Jed Dorsheimer explore the seismic changes reshaping the U.S. energy landscape as rising electricity costs and surging demand—especially from AI—put unprecedented pressure on the grid. The discussion also unpacks a five‑pillar plan for energy abundance, the balance between renewables and firm baseload power, and the economic and geopolitical forces driving a new era in energy markets.
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Economics Weekly: Shutdowns, Tariff Rulings, and Jobs
In this Economics Weekly, Richard de Chazal discusses the current state of the shutdown and how it could end; what the Trump administration may do next if IEEPA’s use is deemed unjustified; and the latest employment data, given today would have seen the release of the October employment report.
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The Rise of Next-Generation Brands: Strategies for Success
Next-generation brands are revolutionizing the consumer goods landscape by employing innovative strategies that build trust and drive growth. Discover how these companies are reshaping the industry and generating new investment opportunities.
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Business Owners Forum: Transition to Liquidity: Tax, Risk, and Opportunity for Founders and Owners
Chris Brathwaite, partner and director of Pre-Liquidity Planning, and Andrew Hansen with our Founder-Owned Business Advisory team lead a discussion designed for business owners and founders who have recently completed—or are preparing for—a major liquidity event.
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The Pet Supplements Industry Is Booming and Requires More Capacity and Capabilities
The pet supplements industry is on track for strong continued growth. Meeting future demand will require both additional capacity and enhanced capabilities to stay ahead of intensifying competition—creating opportunities for investors.
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How Embedded Finance Drives Enterprise Value and Increases Multiples for SaaS Platforms
Embedded finance continues to be a highly promising growth opportunity for software platforms looking to expand into multiproduct businesses that allow their customers to have an integrated user experience and consolidate vendors.
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Monthly Macro: Energy Efficiency, Scarcity, and the Next Wave of Demand
William Blair macro analyst Richard de Chazal and energy analyst Neal Dingmann discuss how rapid technological advances, shrinking inventories, and relentless demand—especially for natural gas—are reshaping the energy sector, driving new strategies and investment opportunities for the years ahead.
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Economics Weekly: Fed Independence, Fiscal Dominance, and How Government Debt Problems Manifest
In this Economics Weekly, Richard de Chazal discuss the early signs of a shift toward fiscal dominance and the gradual erosion of Federal Reserve independence—developments that carry significant implications for both the economy and the investment landscape.
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Keeping Your Financial Information Secure—And Steps to Take if You Have Been Hacked
As the world becomes more digitally connected, cybersecurity risks will keep rising. Explore our guide to help you keep your financial information secure, recognize digital risks, and identify the next steps to take if your data has been compromised.
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Untangling Nuclear’s Supply Chain With Centrus Energy CEO Amir Vexler
Jed Dorsheimer and guest Amir Vexler, CEO of Centrus Energy Corp., dig into the realities of nuclear energy’s comeback, focusing on the supply chain bottlenecks, shifting U.S. policy, and the technical evolution of reactor designs. Their conversation offers a clearer look at how energy independence, market pressures, and new technologies are reshaping the nuclear sector’s future.
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From Resume to Offer: Skills to Help Your Young Adult Land an Internship
College internships can offer worthwhile work experience and serve as an important first step to a postgraduate career. William Blair’s Jennifer Guracech shares her expertise and insights to help young adults refine their search, hone their skills, and land an internship.
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Economics Weekly: Valuations and Bubbles
In this Economics Weekly we again discuss the issue of a stock market bubble, with the view that parts of the market are very richly valued on some measures and market return expectations should be tempered, but today’s market would not yet seem to qualify as a bubble.
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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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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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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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Specialty Care at a Crossroads: Innovation, Costs, and the Future of Value-Based Care
Ryan Daniels, William Blair’s group head of healthcare technology and services, returns to discuss the accelerating transformation of specialty care in the face of rising acuity, delayed diagnoses, and regulatory shifts. From bundled payments to AI-driven coordination, this episode explores how providers and investors are reshaping oncology, cardiology, and other high-impact disease states.
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Economics Weekly: Is Slowing Employment Growth Demand- or Supply-Driven?
Chair Powell’s comments at the press conference for the latest FOMC meeting highlight one of the biggest challenges for the Fed (and financial market participants) at the moment—deciding how much of the slowdown in the labor market is due to a shortage in the supply of workers and how much is due to softening demand.
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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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Tapping Into the World of Water
In a recent report by William Blair’s Brian Drab, we highlight global problems related to water, including water scarcity, aging infrastructure, and water quality and contamination. The report also details several solutions that we believe are critical to addressing these problems.
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Non-U.S. Investing in a Fragmenting World
Alaina Anderson, CFA, partner, a portfolio manager on our global equity team, explains why she believes the conditions behind more than a decade of non-U.S. equity underperformance are starting to shift, making now a compelling time for investing in non-U.S. equities.
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Monthly Macro: Fed Signals, Housing Headwinds, and How Companies Are Adapting
William Blair macro analyst Richard de Chazal discusses the Fed’s softer tone, how companies are adapting to tariffs and labor shifts, and why housing and hiring trends are setting the stage for a dynamic second half of 2025.
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What Keeps Employees Happy: Lessons From 11 Years of Restaurant Industry Data
Sharon Zackfia, head of consumer research at William Blair, shares insights from over a decade of Glassdoor data to reveal how culture, leadership, and operational models—not just pay—shape employee satisfaction and long-term brand success in the restaurant sector.
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Demographics as Commerce: The Aging-in-Place Revolution
Ryan Daniels, William Blair's group head of the healthcare technology and services research sector, explores how America’s rapidly growing senior population is reshaping healthcare, technology, and everyday services through the powerful trend of aging in place.
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Navigating the AI Boom: Enterprise AI Adoption and Impact
From addressing GenAI adoption barriers to understanding energy consumption implications, the conversation surrounding AI’s next chapter is critical to unlocking its full potential. Discover our findings in our fourth installment of Navigating the AI Boom now.
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Economics Weekly: The Dollar Dilemma
While further softening in the exchange rate is expected, in this Economics Weekly, Richard de Chazal discusses why the U.S. is likely still unable to shed its exorbitant privilege and reserve currency status anytime soon, even if there are many reasons to think it might want to.
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Monthly Macro with Richard de Chazal: April’s Economic Rollercoaster
William Blair macro analyst Richard de Chazal breaks down a wild month of macroeconomic news, focusing on the impact of President Trump’s tariff policies on the global economy, equity and bond markets, consumer confidence, and corporate inventory strategies.
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Navigating the AI Boom: Applications and Monetization
The number of GenAI companies emerging continues to grow, and how these apps are utilized differs between consumers and enterprises. In our third installment of Navigating the AI Boom, we explore the primary ways to monetize GenAI and how it may impact the software industry.
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Tracking Job Openings and Staffing Demand Trends
Global services analyst Trevor Romeo, CFA discusses the impact of recent economic uncertainties on the staffing industry, highlighting key trends and challenges faced by companies and exploring the evolving landscape of job openings and the future of staffing.
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Brain Health with Lisa Genova: Enduring Strategies to Enhance Memory Care
Join renowned neuroscientist and author Lisa Genova, and William Blair’s head of Private Wealth Management, Ryan DeVore, as they explore preventative steps people can take to maintain brain health and navigate the challenges of Alzheimer’s and Dementia.
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Economics Weekly: Special Report on Liberation Day Tariff Announcements
In this special report on tariffs, Richard de Chazal discusses the current tariff situation, what the Trump administration is hoping to achieve, and the potential impacts on growth and inflation. He also includes thoughts from our research analysts whose companies are most directly impacted by President Trump’s announcements.
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Navigating Economic Opportunities Amid Global Shifts
Olga Bitel, partner and global strategist at William Blair, shares key insights into navigating the new reality as the global economic landscape shifts in response to the new U.S. administration’s policies, as investors face both challenges and significant opportunities.
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Shaping the Future: Innovations and Trends in Obesity Treatment
William Blair biotech analysts Matt Phipps and Andy Hsieh discuss Andy’s innovative scoring system for evaluating investigational agents in obesity treatment. This system, highlighted in Andy’s report “Shaping the Future: Innovations and Trends in Obesity Treatment,” considers both weight loss and gastrointestinal side effects to provide a more comprehensive clinical assessment. Tune in to hear their insights on the future of obesity therapies, upcoming industry catalysts, and more.
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Monthly Macro with Richard de Chazal—March 2025
William Blair macro analyst Richard de Chazal discusses the juxtaposition between weak consumer sentiment and solid economic data, exploring whether a recession is imminent and the implications of shifting inflation regimes, fiscal policy dominance, and ongoing tariff uncertainty.
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Navigating the AI Boom: Technological Advancements and Scaling AI
Artificial intelligence (AI) systems create and leverage vast amounts of data for practitioners, consumers, and investors. In our second installment of confronting GenAI’s most pressing questions, we explore AI's technological advancements and the potential ways experts are scaling them.
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Economics Weekly: Debt, Tariffs, and Tax Cuts
In this Economics Weekly, Richard de Chazal again examines the tariff question, but homes in on how it relates to the market’s next major hurdle, which is extending the 2017 tax cuts, and the ultimate goal of all these changes, which is to bring down debt and restore confidence in U.S. public finances.
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Four Questions Business Owners Should Ask Themselves Before a Liquidity Event
For many business owners, selling a company is one of the biggest decisions they will make. William Blair’s Christopher Brathwaite and Emily Guglielmo explore four questions owners should ask themselves to have a successful liquidity event.
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Navigating the AI Boom: Confronting GenAI’s Most Pressing Questions
Delve into William Blair’s latest generative AI report, “Navigating the Boom: Confronting GenAI’s Most Pressing Questions.” Featuring insights from technology analysts Jason Ader, Arjun Bhatia, and Sebastien Naji, this episode explores the current state of AI, industry trends, and the future of AI development.
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Talking Market Trends with Tony Frascotti, Head of Private Shares Trading
In this episode of William Blair Thinking Presents, Tony Frascotti, head of private shares trading at William Blair, discusses the latest trends, challenges, and opportunities in the private shares market, delving into the impact of macroeconomic factors, the influence of AI on investment strategies, and the resurgence of the crypto market.
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Economics Weekly: Making Active Great Again
President Donald Trump’s rapid structural changes are transforming the U.S. economy. This report by Richard de Chazal, CFA, highlights the shift from labor to capital investment, the transition to a supply-driven inflation regime, and the dominance of fiscal policy.
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Navigating the AI Boom: Understanding the Economic Impact of Artificial Intelligence
From increased productivity to software development to content creation, GenAI is ushering in a new era of rapid advancement. In our first installment of confronting GenAI's most pressing questions, we explore the economic impact of AI and where the most untapped opportunities are for investors.
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Monthly Macro with Richard de Chazal—February 2025
William Blair macro analyst Richard de Chazal reflects on February’s economic narratives, including the impact of noisy data, government spending cuts, climate change, mass deportations, recent inflation data, and the evolving nature of inflation on future monetary policy decisions.
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Updating FDA Approval Analysis for 2024 Data; Strong Year for Approvals and Significant Uptick in Outsourcing Penetration
Discover the latest insights in pharmaceutical outsourcing and services with our comprehensive analysis of FDA approvals for 2024. This report delves into the trends and key conclusions from a decade of data, highlighting the significant uptick in outsourcing penetration and the robust growth in biotech funding.
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Accounting Insights: Navigating Growth and Technology Trends
In this episode of William Blair Thinking Presents, global services analyst Andrew Nicholas, CPA, discusses findings from his team’s extensive inaugural survey of accounting services executives, covering industry dynamics such as organic revenue growth, technology use, and M&A trends.
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Exploring Energy Economics With Dr. Carey W. King
Dr. Carey W. King from the University of Texas at Austin delves into the intricate relationship between energy systems, the economy, and the environment, exploring his innovative HARMONEY Model and discussing the critical role of energy in shaping macroeconomic policies and future sustainability.
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CELLect Horizons: Moving the Needle in Hematological Malignancies
Explore the latest advancements in CAR-T therapies from William Blair’s Equity Research healthcare and biotechnology team. Discover how these next-generation therapies are transforming the treatment landscape for patients with liquid tumors.
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2024 Record Totals for Secondaries Point to Positive 2025 Momentum
Bullish predictions for the secondary market throughout 2024 proved accurate as volume hit record levels by yearend. Now, in 2025’s early weeks, market insiders remain optimistic—with expectations for continued LP- and GP-led growth.
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Rollover Equity and Wealth Planning Considerations
Business owners in the run-up to a liquidity event are well advised to learn about the practices and approaches common in transactions. Among the most important is rollover equity—i.e., when a seller agrees to reinvest sale proceeds in the newly formed company.
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William Blair Thinking Podcast – Monthly Macro: 2025 Kick-Off
In the first Monthly Macro episode of 2025, William Blair macro analyst Richard de Chazal recounts the numerous events that have shaped the economic landscape since the start of the year. He explores the implications of recent executive policies, the Fed’s decision to hold rates steady, the unusual behavior of Treasury yields, and what these developments mean for the economy as we move further into 2025.
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We’re on IT: Navigating 2025’s Dynamic IT Services Landscape
In this episode of William Blair Thinking Presents, technology analyst Maggie Nolan, partner, CPA, dives into the latest trends in IT services, exploring the impact of generative AI, data infrastructure, and political influences on the industry.
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Digital Advertising Buyer Highlights
Driven by GenAI improvements, companies are seeing increased advertising performance, allowing ads to be more dynamic, personalized, and instantaneous. William Blair technology, media, and communications analyst Ralph Schackart sat down with an advertising industry participant to learn more.
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Digital Health Update—No Longer Unicorns, But Phoenixes Abound
In this episode of William Blair Thinking Presents, Ryan Daniels, CFA, group head of the healthcare technology and services research sector, discusses the latest trends in the digital healthcare marketplace, focusing on consumer-facing solutions, the rise and fall of digital health companies, and the evolving investment landscape.
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Geopolitical Dynamics, Global Threats, and Personal Security
As our world becomes more interconnected, understanding global affairs and geopolitical risks is crucial for making informed decisions about your safety. Global Guardian CEO and Founder Dale Buckner provides an in-depth look at today’s emerging security challenges.
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Creative Thinking at the Alpha Challenge
Madeleine Johnson of William Blair Investment Management’s marketing team reports from the Alpha Challenge, an investment pitch competition in which M.B.A. and undergraduate students demonstrate their ability to think critically and creatively in high-pressure environments.
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What Can Blue Whales, Shrews, and Megacities Tell Us About Energy Systems
In this episode of Plugged In, host Jed Dorsheimer engages with renowned theoretical physicist and author Geoffrey West, Ph.D., to explore the connections between biological scaling laws and economic systems, discussing how energy and network theories can provide insights into the growth and sustainability of cities and economies.
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Consumer Pulse: Unwrapping Holiday Spending Trends
In this episode of William Blair Thinking Presents, consumer analysts Dylan Carden and Phillip Blee discuss their team’s latest Consumer Pulse report, including holiday shopping trends, anticipated consumer spend, the popularity of gift cards, and the resilience of value and convenience retailers.
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Solar Myths, Nuclear Truths, and the Future of Energy
Jed Dorsheimer welcomes Doomberg for an in-depth discussion on the complexities of renewable energy integration and its impact on grid efficiency, exploring the challenges posed by the variability of renewables, the resurgence of nuclear power, and the critical role of natural gas in bridging the energy transition.
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Decoding the Fourth Law of Thermodynamics and Its Impact on the Economy
Jed Dorsheimer sits down with Andy Lees, founding partner of MacroStrategy Partnership, to explore the critical role of energy in our economy, touching on topics from renewables to inflation and the upcoming U.S. elections, and diving deep into the ways in which energy systems, economic growth, and social hierarchy intersect.
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Monthly Macro with Richard de Chazal—October 2024
In this episode of William Blair Thinking Presents, William Blair macro analyst Richard de Chazal discusses the latest economic trends, including third-quarter earnings, rising Treasury yields, and the impact of recent Fed rate cuts. He also delves into consumer sentiment and the paradox of strong retail sales amid a “vibecession.”
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From Chips to Systems: How AI is Revolutionizing Compute and Infrastructure
In this episode of William Blair Thinking Presents, Jason Ader, co-group head of the technology, media, and communications sector, interviews Sebastien Naji, an equity research associate specializing in semiconductors and infrastructure systems, on their team’s latest report, “From Chips to Systems: How AI Is Revolutionizing Compute and Infrastructure,” which explores the shift from serial to parallel computing, the rise of AI accelerators, and the evolving landscape of semiconductor companies.
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Why One Man’s Trash is an Investor’s Treasure
In this episode of William Blair Thinking Presents, global services sector analyst Trevor Romeo dives into his team’s latest white paper on the North American waste and recycling industry, exploring key structural trends and the growing imbalance between waste generation and landfill capacity.
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Diamonds Disrupted
In the luxury goods market, there has been growing consumer preference for sustainable products—particularly for diamonds and other fine jewelry. In this episode of The Active Share, Hugo is joined by Marie-Ann Wachtmeister, co-founder and creative director of Courbet, a Parisian fine jewelry company, for a conversation on how luxury brands are embracing technology, how lab-grown diamonds have upended the traditional diamond industry, and how this shift in values offers new opportunities for companies to appeal to consumers’ changing ethical and environmental concerns.
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Did You Know? Family Office Solutions, Corporate & Executive Services, Corporate Retirement Services
Does your family need a family office? Are you an executive interested in trading plans, concentrated stock solutions, or tax mitigation strategies? Are you fulfilling your fiduciary obligations as a plan sponsor?
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How Insurers are Embracing Technology and Change in an Evolving Risk Environment
In this episode of William Blair Thinking Presents, technology analyst Dylan Becker joins Adam Klauber, group head of the financial services and technology research sector, to discuss highlights from the seventh annual William Blair Insurance, Banking, and Wealth Technology Conference. They delve into key trends in the insurance technology space, including labor constraints, legacy modernization, and the integration of AI infrastructure.
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China’s Steel Slump Creates Global Ripples
The Chinese domestic steel market is going through a major downturn, affecting the industry around the globe, exacerbating global trade tensions, and increasing protectionism. We believe emerging markets (EM) debt investors would be wise to be wary, given the potential for the situation to impact the economy, drive political instability, and create trade tensions in many countries.
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Monthly Macro with Richard de Chazal—September 2024
In this episode of William Blair Thinking Presents, macro analyst Richard de Chazal discusses the Federal Reserve’s 50-basis-point rate cut and its implications for future monetary policy. He explores the factors behind this decision, the muted impact of the recent tightening cycle, and what it all means for the economy moving forward.
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Liquidity Options Without Giving Up Control of Your Business
For leaders of founder-owned businesses, raising significant capital without relinquishing control can seem challenging. But investors focused on non-control transactions are becoming more common—creating opportunities to support growth, strategic acquisitions, and personal liquidity.
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Furniture and Home Renovations: Post-Pandemic Normalization and the Next Era of Growth
William Blair consumer analyst Phillip Blee joins William Blair Thinking Presents to explore the volatile demand for furniture and home improvement projects over the past four years and provide insights into the industry’s 2024 outlook, including key themes such as the housing market, deflation, rising ocean freight costs, and long-term growth potential.
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Electricity Unplugged: From Deregulation to a Renewable Powered Future
In this episode of Plugged In With Jed Dorsheimer, Jed and Brad Viator, principal of energy advisory B Strategic, spend time discussing the significance of the PJM power auction, the role of renewables and their impact on the grid, the problem-solving potential of energy storage, and what a grid of the future may look like.
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