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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Quarterly Article

Q3 2026

Beyond the Buildout: Where Cheap Intelligence Creates Lasting Value

Transformative technologies share a common, paradoxical trait: the cheaper they get, the more valuable they become. Cheap coal and then cheap oil spurred the industrial revolution, turning energy into physical work, expanding the economy’s work capacity, and creating industries that were previously inconceivable.

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Fixed Income Market Commentary

Q3 2026

Yields Climb as Oil, Debt Supply, and a Tighter Fed Reshape Fixed Income

Fixed-income yields rose substantially in the third quarter, driven by three forces: higher oil prices and the likely flow-through of energy costs to inflation as the war with Iran continues; a surge in debt supply needed to fund the artificial intelligence (AI) buildout and finance the U.S. fiscal deficit; and the Fed’s pivot in September to address inflation concerns.

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Equity Market Commentary

Q3 2026

Strong Earnings Carry the Market Through a Quarter of Sharp Rotations

The third quarter for the United States equity market resembled a duck. Above the surface, things were calm: the S&P 500 index rose 2% and was essentially flat in July and September. Below the surface, the quarter was far more turbulent.

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Additional Quarterly Commentary

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Quarterly Article

Q2 2026

The Quiet Majority Keeps Compounding

Markets are often at their most persuasive when they are at their narrowest. The story becomes easy to see, easy to repeat, and increasingly difficult to ignore.

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Equity Market Commentary

Q2 2026

From Apprehension to Euphoria: Markets Rally on De-Escalation and AI Strength

Markets are often defined not by what happens, but by how sharply expectations change.

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Fixed Income Market Commentary

Q2 2026

Rates Swing as a New Fed Era Begins

Interest rates took a wild ride in the second quarter of 2026, climbing sharply in April and May as the Iran conflict kept oil prices elevated and the Strait of Hormuz closed.

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Quarterly Article

Q1 2026

AI, Deflation, and the Next Economic Chapter

At Riverbridge, it is our mission to deliver investment strategies that endure, and to help our clients Invest With Endurance.

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Fixed Income Market Commentary

Q1 2026

Uncertainty and the Resilience of Fixed Income

The fourth quarter of 2025 marked the return of a more normal upward-sloping bond yield curve.

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Equity Market Commentary

Q1 2026

Markets Volatile Amid Rising Uncertainty while Corporate Fundamentals Remain Resilient

For the third consecutive year, the S&P 500 index delivered investors double-digit returns.

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Equity Market Commentary

Q4 2025

Resilient Economy and Corporate Earnings Deliver Third Straight Year of Strong Returns

For the third consecutive year, the S&P 500 index delivered investors double-digit returns.

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Fixed Income Market Commentary

Q4 2025

Fed Easing Lays the Groundwork for Improved Fixed Income Returns

The fourth quarter of 2025 marked the return of a more normal upward-sloping bond yield curve.

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Year-End Letter

2025

Year-End Letter From Our Chief Investment Officer

At Riverbridge, it is our mission to deliver investment strategies that endure, and to help our clients Invest With Endurance.

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