October 2025 Monthly Letter
As we enter the final act of the year, a quick glance at the chart below tells the story: the preponderance of black ink (positive returns) on the right side says it all. It’s a clear reminder that my post–Liberation Day caution—expecting slower growth and lingering inflation pressures—proved a bit too guarded and risk-averse. In […]
AI Continues to Fuel the Bull—Despite Crosscurrents – October 31, 2025
Good morning, Happy Halloween—and welcome to the month’s end and the weekend. So far, the week has not disappointed expectations of being one of the busiest as we head toward year-end. The Fed enigmatically enacted a hawkish rate cut, and the probability of another cut in December has now been halved to 50%. The China tariff […]