Insights

What we're reading in the market.

Quarterly letters and commentary written in house, the same analysis that informs how client portfolios are positioned.

Latest · Q2 2026 Client Letter

War, Peace, and a Powerful Rally

Markets absorbed an energy shock, a new Fed chair, and the return of inflation, then delivered the strongest quarter in six years. A review of the second quarter and how client portfolios are positioned for the second half.

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+14.9% S&P 500
Q2 2026

4.47% 10-Yr Treasury
June 30

3.4% Core PCE
May

$73 WTI Crude
off a $118 peak

July 2026

Q2 2026: War, Peace, and a Powerful Rally

The strongest quarterly advance since 2020, a hawkish new Fed chair, and what full valuations mean for the second half.

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