Bond Yields Are Back. Alright! (October 15, 2026). Bonds are back. Alright! (Cue the ‘90s boy band choreography) For the first time in what feels like years, I’m not writing about AI. This quarter’s main character isn’t a chipmaker with a valuation larger than most countries’ GDP. It’s the asset class most people ignore until…
Winning the AI Race: Why Infrastructure Beats Talent (July 14, 2026). To Win Global, Build Local After watching a handful of the 2026 FIFA World Cup games, it’s apparent that no team wins a World Cup on talent alone. Even a casual observer (like me, who hasn’t watched this much soccer since the TV series…
Markets During War: Why 80 Years of Data Say Don’t Sell the Headline (April 13, 2026). When war breaks out, markets don’t just react to the conflict itself — they often react to the fear, the uncertainty, and the “what-ifs” that come with it. That fear is often far more costly to investors than the…
Two structurally different paths to reducing concentration risk while protecting after-tax wealth For investors with concentrated equity portfolios, the desire to diversify often runs headlong into a frustrating reality: embedded capital gains. The larger the unrealized appreciation, the more painful any rebalancing becomes. Moving toward a more strategic allocation isn’t just an investment decision—it’s a…
Why We Diversify At a recent portfolio review, a client asked a question we hear in different forms all the time: “If the S&P 500 keeps dominating, why should I bother diversifying?” It’s a fair question. After over fifteen years in which U.S. mega-cap stocks drove most of the market’s returns, diversification can feel unnecessary—even…
Navigating Politics, Policy & Portfolios (October 15, 2025). As we close another quarter, we wanted to share our perspective on the markets, the economy, and most importantly, how we’re positioning portfolios to thrive in the months ahead. Politics vs. Policy: What Actually Matters for Long-Term Investors The recent government shutdown reminds us that Washington doesn’t…
US Consumers and Valuation Gaps: Can the US Consumer Keep Carrying the Market? (July 15, 2025). The second quarter reminded us why staying grounded matters in investing. While markets celebrated new highs—with the S&P 500 breaking through 6,200—the foundations supporting this rally deserve closer examination. The quarter’s volatility, from April’s sharp selloff on tariff fears…
The Art of the Tariff (April 4, 2025). As we close the books on the first quarter of 2025, markets find themselves adjusting to a wave of policy-driven uncertainty—most notably, a broad and aggressive shift in U.S. tariff and trade policy. While economic data through March remained relatively stable, the early-April announcement of sweeping tariffs…
Market Insights from 2024 As we close out another dynamic year in the financial markets, one theme that investors may have overlooked is the power of diversification. While U.S. equity markets dominated headlines with exceptionally strong back-to-back annual returns, a wide array of asset classes also contributed positively to portfolios. From the S&P 500 achieving…
Market Rally Amid Election Season Investors have plenty to cheer for as we enter the final stretches of election season. The S&P 500 has rallied 22.1% over the first nine months of the year, and the Bloomberg US Aggregate Bond Index posted a tremendous third quarter rallying 5.2% to bring the year-to-date return back into…