Quarterly Letter: Navigating a Shifting Global Order
January 13, 2026 – As I reflect on the past year, it’s hard to escape the sense that we are living through geopolitical changes that will take years to fully understand. Power dynamics are shifting not only between hemispheres and continents, but also within them. As the post–Cold War era fades, an emerging world order […]
Why this is a planning year, not a prediction year
Investors are always inundated with forecasts in January – where markets might go, what interest rates might do, or which risks are most likely to dominate the year ahead. While those conversations can be interesting, they’re not always the most productive place to focus; 2025, for instance, upended many confident predictions about both the economy […]