Quarterly Commentary

Each quarter, we share insights into how we think and how we apply our investment philosophy.

Latest Quarterly Commentary

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Equity Market Commentary

Q4 2024

S&P 500 Achieves 57 Record Closes Despite Volatility and Election Uncertainty

Catalyzed by a strong economy, cooling inflation, and excitement around artificial intelligence, the equity market posted an impressive year, returning nearly 25%. 2024 marked the second consecutive year of 20%+ returns—the first such streak since the late 1990s.

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Fixed Income Market Commentary

Q4 2024

Fixed Income Market Sees Reversal Amid Economic Data and Policy Expectations

The fixed income market experienced a reversal in fortunes during the fourth quarter of 2024. Better-than-expected economic data, a slower decline in inflation, and high expectations about the incoming Trump administration’s policies drove bond yields higher.

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Quarterly Article

Q4 2024

Healthcare’s Challenges Present Significant Opportunities for Investors

Healthcare has been a broadly disappointing sector for investors in recent years. Unsurprisingly, many of the largest and longest-lasting impacts of the COVID-19 pandemic have been concentrated in the industry, from nurse and physician shortages, to unpredictable utilization of healthcare services, to a volatile biotech and life sciences funding environment.

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Additional Quarterly Commentary

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Equity Market Commentary

Q3 2024

Market Dynamics Shift: Small Caps Regain Leadership as the Fed Cuts Rates Aggressively

The oft-treacherous summer months could not dampen investors’ spirits in the third quarter of 2024. All major indices advanced—closing at or near record highs—propelled by continued impressive corporate earnings and a larger-than-previously-expected interest rate cut by the Fed.

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Fixed Income Market Commentary

Q3 2024

Fed Rate Cuts Signals a New Economic Landscape

The third quarter marked a seminal pivot point for the financial markets, as the Fed officially concluded its tightening cycle that began in 2022 by cutting interest rates.

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Quarterly Article

Q3 2024

Will AI take my job?

The most common question we receive about artificial intelligence is unrelated to investments: “Will A.I. take my job?” Given Hollywood’s tendency to cast an AI future in a negative light (think Terminator, I, Robot, The Matrix, and Wargames), it is not surprising that our collective thoughts trend toward pessimism. If we can, however, imagine AI as autonomous agents working for the benefit of humanity, then we can picture a world in which future AI systems produce massive economic and societal benefit.

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Equity Market Commentary

Q2 2024

S&P 500 Achieves Record Start in Early 2024, Driven by AI Optimism

On the surface, the first six months of 2024 were a utopia for investors. The S&P 500 returned more than 15% with very little volatility. This advance occurred despite the Fed not cutting interest rates and with inflation remaining stubbornly elevated.

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Fixed Income Market Commentary

Q2 2024

Long-Term Investing in a Shifting Landscape

The second quarter of 2024 provided the clearest signals yet that the Fed’s interest rate hiking cycle is having its intended effect. Consumer demand downshifted, housing slowed, and corporate loan defaults increased.

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Quarterly Article

Q2 2024

After the Hardware Boom: Long-Term Value Creation in the Generative AI Era

The modern technology stack can be visualized as an advanced jet airplane. Computer hardware is the jet engine and the fuselage; the chips, servers, and networking gear that provide the power and backbone for flight.

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Equity Market Commentary

Q1 2024

How 2023’s market strength continued into the new year

Whether the markets will continue ascending for the remainder of the year will likely be predicated on corporate earnings. Additionally, investors will need to navigate potential volatility caused by the timing of rate cuts by the Federal Reserve, a presidential election, and the overall health of the consumer.

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Fixed Income Market Commentary

Q1 2024

Investors wait for Fed’s next action as alternative fixed income sectors posted positive returns

The first quarter of 2024 built on the strength of last year by posting a gain of more than 10 percent for the S&P 500 index, the best opening quarter for the equity market since 2019.

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Quarterly Article

Q1 2024

A Long-Term Focus on Companies Capable of Benefiting From Change

Narratives and themes regularly influence parts of the economy and financial markets. Occasionally, such themes become so dominant that, for a period, they disproportionately drive groups of stocks, both positively and negatively.

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