Posts by Sam McChesney

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

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