Market Recap: Stocks moved higher in late September following the Fed’s decision to cut rates. The S&P 500 extended its rally, once again led by large-cap tech. market breadth has remained relatively stable with no major red flags for now. Commodities and metals remained firm, continuing their strength from earlier in the month. International and Read More
Posts by Sam McChesney
Market Update: First Half of September
Market Recap: Equities continued to rally in early September as investors anticipate a Fed rate cut. The S&P 500 pushed higher with momentum still concentrated in the large-cap technology stocks. However, breadth improved slightly as other sectors joined in the advance. At the same time, commodities and metals continued their upward trend. What We’re Watching: Read More
Market Update August 2025
Market Recap: The market ended August on a calmer note. The S&P 500 touched new all-time highs, yet those gains were driven by a shrinking group of very large technology companies. In other words, fewer stocks are responsible for pushing the market higher which can be a sign of fragility beneath the surface. Inflation data Read More
What is Diversification?
With the stock market at all-time highs, concentration has reached extreme levels. The top ten companies make up 40% of the S&P 500, with Nvidia and Microsoft accounting for 15% alone. Technology now represents 34% of the index, higher than at the peak of the dot-com bubble. Outside of the top ten, the other 490 Read More
Regime Shift
Since 2021, our message about interest rates has been clear: rates move in long term cycles, elevated rates are here to stay, and this environment requires a completely different playbook than the one needed over the last 40 years of falling rates. This is not an opinion or prediction about the future, it’s what we Read More