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Dear Fellow readers, As Q2 earnings season concludes, we move into what’s historically been a weaker month for stocks. While economic data continues to show soft momentum, the prospect of monetary easing has shored up confidence and lifted many major...

Dear Fellow readers, Despite ample reasons for pessimism this year, the global economy and markets have largely exceeded expectations. This has sharpened attention on corporate financial results and guidance, as investors look for insight on how firms...

Dear Fellow readers, As we’ve highlighted in recent letters, this summer has been far from quiet. Markets remain sensitive to a steady flow of headlines, many of them tied to evolving trade developments, which continue to shape investor sentiment. Meanwhile...

Dear Fellow readers, As we’ve noted in some recent letters, the typically quiet nature of the summer period has been anything but. A steady stream of headlines―many trade-related―continue to command the attention of financial market participants. Meanwhile...

Dear Fellow readers, Despite summer typically being more quiet, the headline-filled nature of 2025 has yet to show signs of slowing. A few notable developments have taken place recently, including the signing of a key piece of U.S. legislation and new...

Dear Fellow readers, It has been an eventful few weeks. A significant escalation of conflict between Israel, Iran, and the U.S. culminated in a recent ceasefire. Not surprisingly, oil prices have been volatile through this period, though global equity...

Dear Fellow readers, Global equity markets had been trading near all-time highs, benefitting from a relatively quiet period on the trade front. But some volatility resurfaced in the wake of an escalating conflict in the Middle East between Israel and...

Dear Fellow readers, Global equity markets continue to grind higher on the back of the trade war de-escalation. Moreover, a U.S. federal court recently ruled that President Trump had overstepped his authority in using an emergency law to impose tariffs...

Global equity markets continued to march higher recently on the back of the de-escalation of the trade war. We discuss recent developments in this ongoing saga. We also return to a question that was on our minds well before the trade war began: the s