Note: This update was written prior to the U.S. strike on Iran. While the outcome of this event is uncertain, the structural shifts discussed below remain unchanged. Market Recap: The S&P 500 fell -0.87% in February while the equal weight S&P 500 gained 3.4%. Beneath the surface, leadership is clearly shifting. Technology and AI stocks are struggling Read More
January Market Update
Market Recap 2026 is off to an interesting start. However, if you’re only paying attention to U.S equity indices you may be missing some important developments. In the U.S., the S&P 500 and Nasdaq are off to a choppy start, finishing January up 1.17% and 0.97%, respectively. Market breadth and intra-index correlation remain weak. This Read More
The Case for Gold in Investment Portfolios
The correct allocation is not Zero Summary Most US individual investors hold less than 5% of their portfolio in gold. Institutional allocations are at zero. We show that optimal allocation to gold is somewhere between 15-25% of a total portfolio, and review the characteristics of gold as an asset class that make it unique and Read More
December Market Update
Market Recap: 2025 will go down as a year that had just about everything. Political volatility, interest rate uncertainty, persistent AI bubble speculation, major market rotations, a decisive breakout in metals, international equity outperformance relative to the U.S., and meaningful crypto underperformance to name a few. Despite all of that, the S&P 500 finished the Read More
November Market Update
Market Recap: Markets were volatile in November with the S&P 500 finishing slightly positive. This was not surprising given how dependent the current rally is on a small group of companies tied to the AI theme. During the late 1990s, we saw similar behavior with elevated volatility as the market pushed to new highs. Market Read More