The Bond Market Goes Global
As of 5/19/2026 A Synchronized Move in Long Rates Last week, the headline in US markets was a hot inflation print and a Treasury sell-off that took the 10-year yield to its highest level in fifteen months. That is a…
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The Records and the Risks: A Market Pricing Two Stories at Once
As of 5/7/2026 A Market Held at Both Ends It is unusual to see equities, bonds, oil, and currencies all flagging different versions of the same risk in the same week. The S&P 500 closed Friday at a record 7,230…
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Velocity vs. Valuation Support
The Rare High-Altitude Thrust The market activity of the last three weeks has been more than a strong bounce, it has been a historic outlier. Following a turbulent start to the year, US equities staged a breathtaking vertical recovery culminating…
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A Different Setup for Earnings Season
To view as a PDF, click here. Q1 earnings begin next week with valuations less extended, breadth improving, and inflation back in the frame. A Better Starting Point For the last several quarters, earnings season has often felt like a…
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When the Usual Diversifiers Stop Diversifying
To view as a PDF, click here. Markets have a way of reminding investors that “defense” is not a single trade. In a typical growth scare, the playbook is familiar: equities weaken, Treasury yields fall, long bonds rally, and gold…
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Is Your Asset Allocation Working? Volatility is Rewriting the Correlation Playbook
To view as a PDF, click here. In higher-volatility regimes, diversification is not assumed, it is validated. This week’s volatility spike has an obvious catalyst: rising geopolitical tension in the Middle East and the renewed uncertainty that comes with it.…
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Broadening Leadership Can Be Healthy, But the Transition Is Often Choppy
To view as a PDF, click here. For much of the past cycle, market performance has been driven by a very narrow group of mega-cap stocks. That dynamic can persist longer than expected, but when leadership begins to broaden, the…
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Moving Beyond the Style Boxes
To view as a PDF, click here. For much of the past cycle, market performance has been driven by a very narrow group of mega-cap stocks. That dynamic can persist longer than expected, but when leadership begins to broaden, the…
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Quiet Index, Busy Under the Surface
To view as a PDF, click here. Publication note: Charts and index levels in this piece are shown through January 16, 2026. Volatility repriced higher in January 20 trading, with the VIX moving above 20 amid renewed policy and geopolitical…
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