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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Broadening Leadership Can Be Healthy, But the Transition Is Often Choppy
To view as a PDF, click here. Investors have heard two familiar storylines repeatedly over the last year: Both points contain a kernel of truth, but they miss what has actually been happening under the surface. The S&P 500 finished…
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Diverging Signals Are Driving Markets Into Year-End
As we close out 2025, the investment landscape is defined by a widening disconnect between policy rhetoric and market pricing, alongside specific pockets of inflation driven by secular trends like AI. This week’s Market Insights focuses on these divergences, from…
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Mapping the Maturity Wall
For the better part of 2025, the credit market has been defined by a suspicious calm. High yield spreads have remained historically tight, and corporate defaults have been benign. However, this tranquility masks a simple mechanical reality: corporations have largely…
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