Thoughtful stories —
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Op-Ed
Oct 27 - 20265 min readThe Circle of Diesel
Why shifting Russian diesel flows won’t ease global supply tightness, and why refiners are likely to keep outperforming....
Market Ethos
Oct 26 - 20266 min readShifting Winds
As the AI trade struggles to find firm footing, defensives are taking the lead, and the winds in the market may be shifting....
Market Ethos
Oct 19 - 20268 min readAI Everywhere, Everything
Even if you don’t own many direct AI related bonds or many direct AI related equities, you may still be exposed....
Market Ethos
Oct 13 - 20267 min readDiversifying with Bonds
With AI now driving stock prices and a material share of global growth, three scenarios for the AI bubble show why bonds, at yields near multi-decade highs, can offset that risk even when stock and bond correlations are positive....
Op-Ed
Oct 06 - 202619 min readBeyond the Commodity Cycle
A white paper on why global resource companies deserve a closer look in 2026, from underinvested supply and concentrated supply chains to electrification-driven demand and renewed interest in gold....
Market Ethos
Oct 05 - 202610 min readStealth Bear
As bond yields climb, we explain why weak market breadth beneath the S&P 500's headline strength matters for dividend portfolios, rate-sensitive sectors, and asset allocation....
Portfolios With a Purpose
Sep 30 - 20268 min readWhat’s Popular in Portfolios?
Brett Gustafson looked across 57 advisor model portfolios to see which funds show up most often, and found strong agreement in fixed income, wide variety in equities, and a reminder that popularity isn't the same as importance....
Market Ethos
Sep 28 - 20266 min readHot in Herre
Yields are up and markets aren't bothered because of stronger growth. For the economy, it's getting hot in herre....
Op-Ed
Sep 25 - 20268 min readThe Bottleneck Is Memory: Notes From a Weekend Local AI Server
A weekend spent building a local AI server from an old mining GPU reveals the AI buildout's real constraint: memory, not compute....
Market Ethos
Sep 21 - 20267 min read