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Modern thinking to guide your way.
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Op-Ed
Sep 08 - 20267 min readArt and Science in Picking High Yield Bonds
A late-night walk, a friend's tip on San Francisco's recovery, and an AI leasing thesis led to a high-yield bond position in Hudson Pacific Properties — bought at deep discounts, now trading near par. The best trades feel uncomfortable at entry....
Op-Ed
Sep 08 - 20265 min readA “Sea Change” Hiding in Plain Sight
Chariot Ltd. may be shifting from exploration toward meaningful production, and the PGRX team began building a position early in that story....
Market Ethos
Sep 08 - 202612 min readYields, Tariffs, Seasonality and Flows
Tariffs grabbed the headlines again, but yields, seasonality, and Canadian equity flows are also strong factors shaping markets right now....
Portfolios With a Purpose
Sep 03 - 20268 min readThe AI-Powered Practice: Part Two
Part two goes deeper into the power-user end: turning entire workflows over to AI, measuring the payoff, and repositioning your team for a world where the routine stuff can become automated....
Market Ethos
Aug 31 - 20267 min readMore Debt, More Growth (For Now)
Rising debt and leverage are fueling today's growth and market highs, but understanding where that credit is flowing matters more than the headline numbers alone....
Portfolios With a Purpose
Aug 27 - 20268 min readThe AI-Powered Practice
How to move an advisory practice from typing questions into a chatbot to running real workflows with AI....
Market Ethos
Aug 24 - 20266 min readWhere Returns Have Come From
A look at whether the market's recent narrow, sector-driven gains reflect real skill or just being in the right place at the right time — the classic skill vs. luck question....
Market Ethos
Aug 17 - 20266 min readThe Fixer-Upper Trade: Why International Equities Still Have Room to Run
U.S. dominated in 2024, international in 2025 — now both are working. Valuations, improving governance, rising global trade, and Hormuz resolution potential keep the case for international equities intact, if less compelling than a year ago....
Op-Ed
Aug 10 - 20264 min read2 Chokepoints, 1 Playbook
Six months into the Iran conflict, Hormuz traffic has stalled. Iran's maximalist demands make resolution unlikely — echoing the 1956 Suez Crisis playbook: provocation, asymmetric resistance, political fallout....
Market Ethos
Aug 10 - 20266 min read