Written by Suryaveer Singh | 3 Minute Read Few markets are as underestimated as Europe. The reflexive view is that the region offers little growth, weak returns, and chronic underperformance, now compounded by cheap Chinese competition. Yet the data increasingly challenge that narrative. European equities have been among this year’s better performers, outpacing the S&P […]
U.S. AI-related capital spending should total close to $600 billion this year, about 2% of GDP, more than 10% of all business fixed investment. Numbers that large invite an obvious worry: every dollar routed into accelerators, substations, and server halls is one not routed somewhere else. Additionally, much of this AI spending is going towards […]
Written by Christos Charalambous, CFA The latest coordinated intervention to strengthen the Japanese yen was unusual in both its scale and structure. Japan deployed $88 billion over two days, while the U.S. Treasury joined the operation by selling euro reserves; an exceptionally rare step outside periods of financial crisis. The message is clear: policymakers have […]
Investors hoping for a quiet summer have instead been reminded that markets and geopolitics rarely take a vacation. The Middle East conflict has re-escalated, semiconductor stocks have wobbled, and high-profile listings have slipped below their IPO prices. Against this backdrop, a question we increasingly hear is whether the US equity bull market is finally running […]
Moonshot AI’s release of Kimi K3 revived a familiar concern. New AI models appear regularly, but K3 drew unusual attention because it ranked competitively with leading U.S. frontier systems on several benchmarks and was offered at a lower quoted price than some of them. For users, this meant lower inference costs, or the day-to-day use […]
One of the most enduring principles of investing is diversification. At its core, diversification seeks to improve risk-adjusted returns by combining assets that do not move in lockstep. The chart below shows the rolling correlation between U.S. stocks and treasuries from 1978 to 2026 over differing time horizons (6 months to 5 years). It is […]
Where We Are Today: U.S. corporate profitability is near record highs, with S&P 500 profit margins at 13.9% and expected to rise toward 16.2% (Chart 1). Strong demand, stable labor costs, and the AI investment cycle continue to support earnings growth. Big Techs are projected to spend $740bn in 2026, up from $425bn in 2025, […]
Written by Suryaveer Singh In a span of months, the US-Iran conflict has produced an air war, a ceasefire, a signed agreement, and renewed strikes on shipping in the Strait of Hormuz. Whatever the latest headlines, the lesson remains the same: geopolitical supply shocks are inherently unpredictable, and crises that appear resolved can re-emerge with […]
Written by Christos Charalambous, CFA The June employment report appears reassuring on the surface, with the unemployment rate declining to 4.2%. A closer examination, however, reveals a labor market that is steadily losing momentum beneath the headline figures. Rather than signaling renewed strength, the decline in the unemployment rate masks weakening labor demand, slowing hiring […]
Memory has become one of the most closely watched parts of the AI build-out. It is where the data that a processor works on is stored and transferred, and it now sets the ceiling on how much computing can actually be used. Two developments matter for investors: what recent earnings reveal about pricing power, and […]
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