Brad McMillan, CFA, CAIA, MAI

Brad McMillan, CFA®, CAIA, MAI, is chief investment officer at Commonwealth Financial Network®, member FINRA/SIPC, the nation's largest privately held Registered Investment Adviser–independent broker/dealer. As CIO, Brad chairs the investment committee and is the primary spokesperson for Commonwealth’s investment divisions. Brad received his BA from Dartmouth College, an MS from MIT, and an MS from Boston College. He has worked as a real estate developer, consultant, and lender; as an investment analyst, manager, and consultant; and as a start-up executive. His professional qualifications include designated membership in the Appraisal Institute (MAI), the CFA Institute, and the CAIA Association. Brad speaks around the country on investment issues and writes for industry publications, as well as for this blog.
Find me on:

Recent Posts

Coronavirus Update: May 29, 2020 [Video]

May 29, 2020

Today, I'd like to provide an update on the coronavirus pandemic, including the economic and market implications. We had some good news in the past week, as there were no signs of a second wave of infections even as the economy continued to reopen. The daily spread rate remained at 1.5 percent per day in 9 of the past 10 days, bringing us to the lowest level since the pandemic started. Plus, the daily case growth continued to hold steady, and the number of active cases has begun to level off. On the economic front, layoffs continued to decrease, and people have started returning to work. We’re also seeing positive signs that consumers have the confidence to spend, as shown in the uptick in restaurant bookings and mortgage applications.

Continue reading → Leave a comment

What’s (Not) Happening in the Coronavirus Crisis?

May 28, 2020

The big news this past week has been what has not happened: there are, at present, no signs of a second wave of infections stemming from the ongoing reopening of the economy and the loosening of social distancing measures in several states. In fact, the data shows that social distancing had been subsiding in many areas even before the formal loosening. So, we are now two weeks or more into the start of a new environment for the spread of the virus. While it is still early in the process, some growth in cases could have been expected. The fact that we have continued to see the spread rates at close to the lowest levels of the pandemic is positive.

Continue reading → Leave a comment

Appearance on Yahoo Finance’s On the Move, May 28, 2020 [Video]

May 28, 2020

How has the coronavirus impacted jobless claims and the markets? I discussed this and more today on Yahoo Finance’s On the Move.

Continue reading → Leave a comment

COVID-19: What We Know and How We Know It

May 27, 2020

Recently, I’ve gotten some questions on news reports that the Centers for Disease Control and Prevention (CDC) and many states have been conflating two different types of COVID-19 tests in their reporting. The substance of both the news reports and the subsequent questions was that this conflation made the data unreliable and that the situation could be worse—with respect to the virus and the pandemic—than we had thought. Indeed, it is a reasonable concern. And given that I use various coronavirus data here on the blog, I thought it would be worth writing about what we know about the virus and how we know it.

Continue reading → Leave a comment

Appearance on CNBC's The Exchange, May 22, 2020 [Video]

May 26, 2020

Last Friday, I appeared on CNBC’s The Exchange to discuss the economy and the markets. Listen in to hear more.

Continue reading → Leave a comment

Coronavirus Update: May 22, 2020 [Video]

May 22, 2020

Today, I'd like to give an update on the coronavirus pandemic, including its effects on the economy and markets. There was some good news on the pandemic front, with daily testing numbers continuing to rise. We didn’t see as much progress in the daily spread rate and the number of new cases, with both remaining relatively stable. Here, the results may be better than they look, as we didn’t get a bump in new cases even though the economy started to reopen. In fact, the economic reopening seems to be going better than many expected. The restaurant business has started to tick up, and mortgage applications have just about returned to 2019 levels.

Continue reading → Leave a comment

Is the Latest Coronavirus News Better Than It Looks?

May 21, 2020

This past week revealed a mix of improvement and stabilization in the COVID-19 pandemic. While testing continues to expand, the progress in slowing the spread rate and case growth has stalled, leaving both at levels consistent with the past two weeks. The number of active cases has started to grow again, which is a negative. Overall, conditions remain much better than they have been in recent weeks, but we did not see much, if any, additional progress in controlling the virus.

Continue reading → Leave a comment

Upcoming Appearances

Tune into Yahoo Finance's The Final Round on Friday, June 5, at 3 P.M. ET (time subject to change) to hear Brad talk about the market. Watch at

Subscribe via E-mail

Crash-Test Investing
Commonwealth Independent Advisor

Hot Topics

Have a Question?

New Call-to-action



see all



The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.

Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly into an index.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.  

Third party links are provided to you as a courtesy. We make no representation as to the completeness or accuracy of information provided at these websites. Information on such sites, including third party links contained within, should not be construed as an endorsement or adoption by Commonwealth of any kind. You should consult with a financial advisor regarding your specific situation.


Please review our Terms of Use

Commonwealth Financial Network®