FIRST TO FUNDAMENTALS – THEN A LOOK UNDER THE HOOD…
FIRST TO FUNDAMENTALS – THEN A LOOK UNDER THE HOOD… Our investment research touchstone is always “fundamentals first.” How is the economy doing? How are companies conducting business in that…
Investment Commentary
OPTIONALITY
Optionality, Flexibility, Adjustability……. However one might describe the world’s economy, all the above descriptors would seem appropriate. Since the start of 2026, the globe has had to adjust to an…
INFRASTRUCTURE INVESTING: The Assets Underpinning the Global Economy
These days, it feels like the entire US road system is covered in orange cones. Infrastructure spending has soared across the country, fueled by historic federal funding. But it’s not…
The Productivity Challenge: How Growing Productivity can Raise Living Standards and Heal the US’s Finances
When people and machines get better at their jobs, when an hour of work yields more output, everyone can be paid more without prices rising. That is productivity growth, and…
FUNDAMENTAL vs. EMOTIONAL
FUNDAMENTAL vs. EMOTIONAL In the midst of another war in the Middle East and this time with Iran, it is easy to lose a sense of direction, to become confused…
“Priced In” – How Expectations Shape Investment Returns
“Priced In” – How Expectations Shape Investment Returns If you’ve ever been puzzled by watching the stock market decline on what seemed like good news, or rally when a headline…
There is an ETF for That
Over the past year, precious metals such as gold and silver and industrial metals like copper have surged in price, reaching all-time highs just last week on geopolitical uncertainty. You…
Predictions Are Hard – Especially About The Future*
Let’s start our final Commentary of the year with a look back at the planks of our investment rationale for 2025, which we authored in late 2024. 1. Corporate earnings are expected…
The Retirement Crisis: What It Means for You
The American retirement system, once considered a three-legged stool of Social Security, pensions, and personal savings, is undergoing a fundamental restructuring. According to the National Institute on Retirement Security, over…
Personal Consumption Expenditures (PCE): What Investors Need to Know
Federal Reserve officials often refer to the Personal Consumption Expenditures Price Index (PCE) when justifying monetary policy decisions, and financial markets can swing dramatically based on monthly PCE releases. Yet…