Despite earnings broadly exceeding expectations, equity markets have experienced increased volatility in July. Policy has once again been the biggest driver of market action. And this time it is a familiar headline, with the Middle East, the Strait o
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In my May 19, 2026, article, “Why Most Portfolio Manager Mistakes Seem Smart at the Time”, I explored a difficult reality of manager evaluation: the biggest mistakes often seem smart in the moment, while the earliest evidence of trouble r
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The first half of 2026 was a tale of two quarters for U.S. equity markets, as the S&P 500 experienced a drawdown of ~4.5% in the first quarter, followed by a ~15% rally in the second quarter. As investors look forward to the second half, the arti
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Oil has staged an impressive rebound this month as the conflict between the U.S. and Iran has re-escalated. The memorandum of understanding signed on June 17 created a 60-day window for negotiations, but the diplomatic opening lasted only a few weeks
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With midterm elections fast approaching, history suggests investors may be better served focusing on market behavior rather than political predictions. As LPL Research highlighted in its Midyear Outlook 2026: Policy, Buildouts, & Bottlenecks, our
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Private equity buyouts remain a cornerstone of many private market programs. However, today, the investment opportunity finds itself at a noteworthy crossroads. The long-term performance remains attractive, yet faces compression, while near-term liqu
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Key Talking Points
• Global growth remains uneven, with the U.S. economy continuing to outperform while China faces softer demand and a less consistent recovery. For an in-depth outlook, consult the July Economic Navigator.
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The most dangerous investment mistakes often begin with an inability to imagine outcomes that differ from what the market expects. That does not mean investors should reflexively bet against strong trends, because momentum is real and great businesse
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The term “resource nationalism” generally describes the deliberate effort by nation states to assert control over, direct, and secure access to natural resources within their borders or broader spheres of influence. It is rarely just abou
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The Changing of the Guard
Kevin Warsh, the new chair of the Federal Open Market Committee, has an initiative to modernize the way policy is developed, and he has established five task forces to evaluate the current process and deliver
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