To the Point
with Alicia Levine

Alicia Levine, PhD

At BNY Mellon Investment Management, we are pleased to present you with multiple points of view. Our podcast, hosted by Chief Strategist Alicia Levine, PhD, will cover those magnetic market related topics & trends with our deep bench of talent along with industry voices, and personalities. Each with their own point of view to inform & educate yours.

The podcast is also available on Apple Podcasts and Spotify.

What Did We Learn?
 

June 2021

Guy Adami, original member of CNBC’s Fast Money, joins Alicia to discuss lessons learned in 2020, inflation, gold vs. cryptocurrencies & commodities, and cyclical markets.
 
 

Guy Adami
original member of
CNBC’s Fast Money

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Deconstructing Personal Finance: A Broad and Honest Conversation on Investing & Risk

June 2021

Jill Schlesinger, Business Analyst for CBS News, joins Alicia to discuss The Dumb Things Smart People Do with Their Money, what makes people risk averse with their investments, democratizing investing, taxes, and the potential impact of inflation.
 

Jill Schlesinger
Business Analyst
CBS News

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Electricity, Elderly Care, Transportation:
The Biden Infrastructure Plan

May 2021

Dan Clifton, Head of Policy Research for Strategas Securities, joins Alicia to discuss President Biden’s Infrastructure plan, proposed inclusions, when spending would occur, and tax implications.
 
 

Dan Clifton
Head of Policy Research
Strategas Securities

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All investments involve risk, including the possible loss of principal. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

Past performance is not indicative of future results.

Apple Podcasts & Spotify are not affiliated with BNY Mellon.

Mellon Investments Corporation (Mellon) is a global multi-specialist investment manager dedicated to serving our clients with a full spectrum of research-driven solutions. Mellon is a registered investment adviser and an indirect subsidiary of The Bank of New York Mellon Corporation.

Mellon’s investment capabilities in fixed income, equities and multiasset, and liquidity will be realigned with Insight Investment (Insight), Newton Investment Management (Newton) and Dreyfus Cash Investment Strategies (the “Reorganization”). The Reorganization is expected to occur in August 2021. As part of the Reorganization, Mellon’s fixed income capabilities will transition to Insight, Mellon’s equity and multi-asset capabilities will be transitioned to Newton, and Mellon will continue to operate its cash and liquidity business under the brand of Dreyfus Cash Investment Strategies. There will be no change to the firms’ investment processes or philosophies during the transition period as a result of the change. Following the transition period, Mellon will continue to deliver institutional equity and fixed income index management. Dreyfus Cash Investment Strategies (Dreyfus CIS), a division of BNY Mellon Investment Adviser, Inc.

Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as "Insight" or "Insight Investment." Insight is a subsidiary of The Bank of New York Mellon Corporation.

"Newton" and/or the "Newton Investment Management" brand refers to Newton Investment Management Limited. Newton is incorporated in the United Kingdom (Registered in England no. 1371973) and is authorized and regulated by the Financial Conduct Authority in the conduct of investment business. Newton is a subsidiary of The Bank of New York Mellon Corporation. Newton is registered with the SEC in the United States of America as an investment adviser under the Investment Advisers Act of 1940. Newton's investment business is described in Form ADV, Part 1 and 2, which can be obtained from the SEC.gov website or obtained upon request.

BNY Mellon holds 100% of the parent holding company of BNY Alcentra Group Holdings Inc., which is comprised of the following affiliated companies: Alcentra Ltd. and Alcentra NY, LLC.

Walter Scott & Partners Limited ("Walter Scott") is an investment management firm authorized and regulated in the United Kingdom by the Financial Conduct Authority in the conduct of investment business. Walter Scott is a subsidiary of The Bank of New York Mellon Corporation.

RISKS

Bonds are subject to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines. Municipal income may be subject to state and local taxes for out-of-state residents. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable. Equities are subject to market, market sector, market liquidity, issuer, and investment style risks to varying degrees. Currencies are subject to the risk that those currencies will decline in value relative to a local currency, or, in the case of hedged positions, that the local currency will decline relative to the currency being hedged. Each of these risks could increase the fund’s volatility. Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value and there is the risk that changes in the value of a derivative held by the portfolio will not correlate with the underlying instruments or the portfolio's other investments. Short sales involve selling a security the portfolio does not own in anticipation that the security’s price will decline. Short sales may involve risk and leverage, and expose the portfolio to the risk that it will be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss. High yield bonds involve increased credit and liquidity risk than higher-rated bonds and are considered speculative in terms of the issuer’s ability to pay interest and repay principal on a timely basis. Mortgage-backed securities: Ginnie Maes and other securities backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Privately issued mortgage-related securities also are subject to credit risks associated with the underlying mortgage properties. These securities may be more volatile and less liquid than more traditional, government-backed debt securities. Small and midsized company stocks tend to be more volatile and less liquid than larger company stocks as these companies are less established and have more volatile earnings histories. Floating rate bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. Derivatives and commodity-linked derivatives involve risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value and there is the risk that changes in the value of a derivative held by the portfolio will not correlate with the underlying instruments or the portfolio's other investments. Commodity-linked derivative instruments may involve additional costs and risks such as commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Real estate investment trusts are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Master Limited Partnership (MLP) investments involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price. Diversification cannot assure a profit or protect against loss.

This material has been provided for informational purposes only and should not be construed as investment advice or a recommendation of any particular investment product, strategy, investment manager or account arrangement, and should not serve as a primary basis for investment decisions. Prospective investors should consult a legal, tax or financial professional in order to determine whether any investment product, strategy or service is appropriate for their particular circumstances. Views expressed are those of the author stated and do not reflect views of other managers or the firm overall. Views are current as of the date of this publication and subject to change. This information contains projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

No part of this material may be reproduced in any form or referred to in any other publication, without express written permission. BNY Melon Investment Management is one of the world’s leading investment organizations encompassing BNY Mellon’s affiliated investment management firms and global distribution companies. BNY Mellon is the corporate brand of the Bank of New York Mellon Corporation and may be also be used as a generic term to reference the corporation as a whole or it’s various subsidiaries generally. Alcentra, Walter Scott, Mellon, Insight, Newton Investment Management, BNY Mellon Investment Adviser, Inc., and BNY Mellon Securities Corporation. are subsidiaries of BNY Mellon.

Not FDIC Insured. Not Bank-Guaranteed. May lose Value.

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