One of my guiding investment philosophies is that headlines drive markets in the short term but over the long term it is fundamentals that drive markets. That has played out multiple times over the last year. There have been significant sell-offs due

Most portfolio manager mistakes don’t feel reckless when they’re initially put into motion. The manager’s compelling track record and narrative over time leads to reasonable outlooks, portfolio themes, positioning, and trades. The s

Headlines surrounding the Middle East have dominated investor attention since late February. While uncertainty remains elevated, diplomatic negotiations have supported equities, even as fixed income and commodity markets continue to reflect potential

Rising Conviction on Earnings Growth

In last month’s update, we highlighted a shift from preparation to action as market conditions began to support increased equity exposure. Since then, that positioning has become even more gro

A common approach by investors is to invest in funds that have historically outperformed their benchmark index, hoping that a fund’s past outperformance will continue. Our research finds this approach can often work — until it doesn&rsquo

Many have drawn the comparison between the current AI buildout with the dotcom period in the late 1990s, when the infrastructure for the internet was built. It’s a sensible comparison to make because of the massive amount of capital deployed to

The Post-Powell Transition: As Jerome Powell’s tenure as Federal Reserve (Fed) chair draws to a close, markets are beginning to look beyond the familiar playbook that has guided monetary policy for much of the past decade. A likely transition t

With April behind us, we conducted a deep dive into exchange-traded fund (ETF) flows over the month and year-to-date (YTD) periods. Flows measure the net movement of cash into and out of investment vehicles, such as mutual funds and ETFs. We analyzed

Gold’s behavior since the escalation of conflict in the Middle East has been, at first glance, counterintuitive. Periods of geopolitical stress typically push investors toward gold as a safe haven. Instead, gold prices have struggled to gain an

In Q1 2026, I stepped into the role less of an interviewer and more of an investigator, sitting across the table from 35 portfolio management teams covering mutual funds, ETFs, and SMAs in large cap growth, large blend, and large value. Each team was