New White Paper: A Clear-Eyed Look at Where We Stand
In this White Paper, A Clear-Eyed Look at Where We Stand – Market Valuation, Time, and the Path Back to Normal, we discuss what the valuation of market using 3 well known metrics and the potential paths to normalization.
U.S. equity valuations are at or near the most elevated levels of the past several decades, but history reminds us that valuation alone is a poor predictor of near-term market returns. Rather than signaling an imminent correction, today’s environment suggests that a return toward more normal valuations will likely require some combination of time, continued earnings growth, and price adjustment—reinforcing the importance of disciplined risk management and portfolios positioned for a wider range of outcomes.
Q2 2026 Small Cap Commentary
Monthly Covered Call Commentary – June 2026
New White Paper: Three Cycles, One Pattern
In this White Paper, Three Cycles, One Pattern, we discuss what the history of complex financial structures tells us about today’s AI infrastructure boom.
Part of portfolio management is pattern recognition, the ability to look past the specific details of a current market narrative and ask whether we have seen this architecture before. The specific assets change. The vocabulary changes. The underlying structure, more often than we would like, does not.
We are writing this paper now because we believe the financial structures supporting the current artificial intelligence infrastructure build out share important characteristics with two prior cycles that ended badly for investors who did not examine what was underneath the headline numbers. We are not predicting an imminent collapse. We are doing what we believe a responsible advisor owes clients in a period of extraordinary market enthusiasm: describing the pattern clearly, so you can make informed decisions about your own exposure.