Scott B. Austin, CFP, RICP, Financial Advisor at Morgan Stanley

High valuations and higher interest rates should limit 2021 upside in the S&P

MS & Co. CIO Mike Wilson is calling for a correction starting with small caps and away from low-quality and expensive growth stocks because the market is now pricing in more realistic valuations for overvalued businesses. Learn more:

Markets are surging just as earnings may have peaked

Inflation is the key to the secular bull market for stocks and secular bear market for bonds. The shift in policy from monetary to fiscal dominance is a significant change that may have big implications. Here's why:

Markets may already reflect the speed and scope of the recovery. Read more in On the Markets:

The biggest risk to equities and other long-duration risk assets will come from the interest rate channel, says MS & Co. CIO Mike Wilson. Learn more:

Interest rates tend to be slower to react to positive events than stocks, which helps explain why rates are rising lately. Read more in On the Markets:

New bull markets typically begin when a recession has ended and usually run for years not months, says MS & Co. CIO Mike Wilson. Learn more:

Getting where you want to go often means having room to adjust and shift financial priorities. Learn how our Goals Planning System can help.

As we saw in January, an increase in speculative trading can fuel gains as well as losses. Read more in On the Markets:

MS & Co. CIO Mike Wilson believes the Fed's unprecedented response, in conjunction with Congress, has driven a remarkable recovery from the depths of this recession. Learn more:

Stocks may seem elevated, but we believe this bull market has a long way to run in time and price. Learn more:

Higher education expenses are higher than ever. So it’s important to stay the course in saving for college, even in challenging times. I’m here to helpreach out today and let’s put a plan in place to prepare for a new tomorrow.

Cutting back on retirement withdrawals when markets are down can help control risk and preserve income. Learn more: