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.
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Recent Posts

Coronavirus Update: June 19, 2020 [Video]

June 19, 2020

Today, I'd like to discuss the coronavirus, including its effect on the economy and markets. Over the past week, we’ve seen some state-level outbreaks of the virus. Still, there’s no sign of a national second wave of infections, with the daily spread rate at just above 1 percent and the daily case growth at 25,000 per day. So, despite some bad news at the local level, the virus remains under control and is actually showing signs of improvement in many states. On the economic front, the news was better. Layoffs continued to decrease, while hiring continued to improve. Perhaps the biggest news, however, was that consumer retail spending came in much better than expected, meaning consumers have jobs and are feeling confident.

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Despite Localized Outbreaks, Recovery Remains On Track

June 18, 2020

The bad news this past week is that there are signs of localized outbreaks in several states, specifically Arizona, California, Florida, and Texas. All have shown significant spikes in cases in recent days. But the good news is that outside these and a handful of other states, the virus remains under control, and there is still no national second wave of infections.

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Is the Market Melt-Up Cause for Concern?

June 17, 2020

With the market moving back up to close to its all-time highs, the betting would clearly seem to be that everything will be all right and that the V-shaped recovery is well underway. When you look a bit deeper, though, even if those positive assumptions come true (possible, but certainly not guaranteed), there are still reasons to be concerned about where the market is now. Let’s take a look at the details.

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Coronavirus Update: June 12, 2020 [Video]

June 12, 2020

Today, I'd like to provide an update on the coronavirus pandemic, including the economic and market implications. The virus remains under control, with the case growth rate at about 1 percent per day and daily case growth at about 20,000 per day. But while we didn’t see any signs of a national wave of second infections, it was a different story at the local level. Infection rates started to tick up in some states, which is something we need to keep an eye on. The news on the economic side, however, was better. Thus far, the reopening has been happening faster and more successfully than most imagined. In fact, last week’s jobs report revealed 2.5 million jobs were created in May. With economists anticipating a loss of 7.5 million jobs, this result was certainly a positive surprise. Plus, we saw a bounce in consumer and business confidence, as well as a rise in consumer spending.

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No Sign of Second Wave of Infections at National Level

June 11, 2020

The news this past week is that there is still no sign of a national second wave of infections. The spread rate remains low, dipping under 1 percent for the first time on two days, and case growth continues to be constrained at around 20,000 per day. That being said, several states are undergoing local second waves, with case counts rising rapidly. So far, those increases have been offset by improvement elsewhere in the country. As such, these outbreaks, while severe at the local level, are not translating to a national level. This development will be something to watch moving forward, as either a further increase in case counts in the affected states or a slowdown in improvement in the other states could reverse the trend.

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Monthly Market Risk Update: June 2020

June 10, 2020

My colleague Sam Millette, senior investment research analyst on Commonwealth’s Investment Management and Research team, has helped me put together this month’s Market Risk Update. Thanks for the assist, Sam!

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Economic Risk Factor Update: June 2020

June 9, 2020

My colleague Sam Millette, senior investment research analyst on Commonwealth’s Investment Management and Research team, has helped me put together this month’s Economic Risk Factor Update. Thanks for the assist, Sam!

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Upcoming Appearances

Tune into NASDAQ's Trade Talks on Tuesday, July 7, at 2:00 P.M. ET to hear Brad talk about the mid-year outlook. Watch at

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