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Portfolio Insights
The stock market roared ahead during the second quarter. Importantly, returns were driven largely by robust profit growth rather than by multiple expansion from investor enthusiasm. Investors have cor...
Portfolio Insights
It’s an understatement to say the first quarter of 2026 ushered in a colossal wave of change and disruption. In our 2026 investment outlook in January, we had a generally positive view on the forward...
Portfolio Insights
The fourth quarter of 2025 was a good end to a great year that will long be remembered for having witnessed an artificial intelligence (AI) explosion that affected virtually every sector of the U.S. e...
Portfolio Insights
The third quarter of 2025 saw the continuing surge of the Artificial Intelligence (AI) economy as AI capex and the associated knock-on effects buoyed earnings and stock prices broadly during the perio...
Market Perspectives
Patience: Acknowledge and Adapt to Market Cycles Biotech has a long history of growth and contraction cycles, and of investor optimism and pessimism. While transformative breakthroughs have emerged in...
Portfolio Insights
Fireworks came early this year. They started on “Liberation Day” and continued with the subsequent market selloff and speedy recovery as trade negotiations and tariff changes ensued. Artificial intell...
Portfolio Insights
After an initial "spring forward" in equity markets to begin the quarter, a "fall back" quickly ensued. Uncertainty and change were the only constants in both policy and markets. The e...
Market Commentary
In many ways, 2024 was a continuation of broader trends in place over the past several years. Stocks meaningfully outperformed bonds and U.S. big tech, aka the Magnificent 7 (“Mag 7”) of Alphabet, Ama...
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