Insights

Perspectives from our investment team.

To help you seize opportunity, preserve wealth, and invest with confidence for generations to come.

Market Letters

July 2026

Market Letter

Market Letter — July 2026

Our second-quarter 2026 letter: a resilient economy with oil prices contained despite the Iran crisis, a labor market cooling but not collapsing, credit spreads at historic tights, and Kevin Warsh taking the helm at the Fed.

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April 2026

Market Letter

Market Letter — April 2026

Our first-quarter 2026 letter: policy disruption from the attack on Iran, a "low hire, low fire" employment environment, inflation threatening to move higher, and investors demanding that AI monetize.

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January 2026

Market Letter

Market Letter — January 2026

Our fourth-quarter 2025 letter: AI moves front and center, a government shutdown slows the data flow, growth stays robust as inflation persists, and a consequential year ahead at the Federal Reserve.

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October 2025

Market Letter

Market Letter — October 2025

Our third-quarter 2025 letter: strong GDP growth alongside unemployment and inflation concerns, the Supreme Court reinforcing Fed independence, AI still surprising to the upside, and tightening credit spreads.

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July 2025

Market Letter

Market Letter — July 2025

Our second-quarter 2025 letter: GDP rebounds despite tariffs, the "One Big Beautiful Bill" removes a layer of uncertainty, a steepening curve in the bond market, and a strong equity recovery after wild swings.

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Muni Market Letters

May 2026

Muni Market Update

Municipal Market Update — May 2026

Our latest read on the municipal bond market: supply and demand dynamics, credit conditions, and where we see opportunity.

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