September reminded investors that growth and inflation can be two sides of the same coin. Strong nominal growth continued to support earnings, AI-related CAPEX, and resilient consumption, but it also pushed yields higher, kept the Fed hawkish, and narrowed market leadership.

August rewarded offense, but investors kept insurance in place.  AI-led growth performed well, but Commodities finished strong as investors maintained protection against lingering macro risks.

July did not signal a break in growth, but it did remind investors why extra protection matters.

As geopolitical risks eased and oil prices moderated, investors didn’t exit the road — they changed lanes.

Investors began the year debating how many rate cuts the Fed might deliver. By the end of May, the better question was whether the next move could be in the other direction. Read on as we discuss why markets might be “Under Pressure” and what that means for growth, valuations, and portfolios.

As investors, we currently have two letters in mind to summarize the backdrop.  Read on as we discuss the “V” shaped recovery in the S&P 500 and how that might be related to the widening wealth gap of the “K” shaped consumer.