Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens”), an SEC-registered investment advisor. Registration does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. This material is for general informational purposes only and should not be construed as investment, tax or legal advice. It does not constitute a recommendation or offer to buy or sell any security, has not been tailored to the needs of any specific investor, and should not provide the basis for any investment decision. Please consult with your Advisor prior to making any Investment decisions. The information contained herein was carefully compiled from sources believed to be reliable, but Robertson Stephens cannot guarantee its accuracy or completeness. Information, views and opinions are current as of the date of this presentation, are based on the information available at the time, and are subject to change based on market and other conditions. Robertson Stephens assumes no duty to update this information. Unless otherwise noted, any individual opinions presented are those of the author and not necessarily those of Robertson Stephens. Indices are unmanaged and reflect the reinvestment of all income or dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Past performance does not guarantee future results. Forward-looking performance targets or estimates are not guaranteed and may not be achieved. Investing entails risks, including possible loss of principal. Alternative investments are only available to qualified investors and are not suitable for all investors. Alternative investments include risks such as illiquidity, long time horizons, reduced transparency, and significant loss of principal. This material is an investment advisory publication intended for investment advisory clients and prospective clients only. Robertson Stephens only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Robertson Stephens’ current written disclosure brochure filed with the SEC which discusses, among other things, Robertson Stephens’ business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov. © 2026 Robertson Stephens Wealth Management, LLC. All rights reserved. Robertson Stephens is a registered trademark of Robertson Stephens Wealth Management, LLC in the United States and elsewhere. A3658
Weekly Commentary
Week of August 09, 2026 – Weekly Economic Commentary
Jeanette Garretty
The “K-shaped economy” is back in the news, mostly as a result of the attempts by government officials to deny it exists. Some economists are sympathetic to the frustration over the use of the phrase, which popped onto the scene early in the pandemic shutdown. Originally it was intended to describe an economic recovery pattern where those who could work from home and who had assets benefitting from a rising stock market would do much better than personal service and manufacturing workers who lost employment and depleted savings. Obviously, the 2026 US economy is a long way past the concept of “recovery” and, as has been pointed out before, it is probably more appropriate to think of the US as experiencing a decades long expansion. Furthermore, the experience of an economic recovery that is sharply divergent between categories of workers or segments of the population is not new, and was also observed after the 2008 Financial Crisis and the 2001 Dot-Com bust. Some economists have suggested that the seeds of the current “K-shaped economy”— meaning economic growth that has noticeably different effects on different income and/or wealth groups— may in fact have been sown in the years following the Financial Crisis. The strongest argument for dismissing the K-shaped imagery is not that the economic divergence doesn’t exist but that the phrase has become jargon that fails to properly capture the essence of what is occurring. Faith in the concept that an economic rising tide lifts all boats has been seriously challenged by the experience of the last 20 years, and is newly being called into question by the as-yet-not-well-understood effects of AI-driven technological change. The current low-hire, low-fire labor market coupled with a “stuck” housing market may, in the short term, be making things worse, since job change and residential investment are two of the more notable ways in which individuals can raise income and accumulate wealth. As with many things in this dynamic US economy, the shape of the present is not necessarily the shape of the future, and the question facing monetary and fiscal policy makers is the age-old question of “Where the heck is this headed?”
Data to Watch
Suggested Reading
Disclosure and Source
Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens”), an SEC-registered investment advisor. Registration does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. This material is for general informational purposes only and should not be construed as investment, tax or legal advice. It does not constitute a recommendation or offer to buy or sell any security, has not been tailored to the needs of any specific investor, and should not provide the basis for any investment decision. Please consult with your Advisor prior to making any Investment decisions. The information contained herein was carefully compiled from sources believed to be reliable, but Robertson Stephens cannot guarantee its accuracy or completeness. Information, views and opinions are current as of the date of this presentation, are based on the information available at the time, and are subject to change based on market and other conditions. Robertson Stephens assumes no duty to update this information. Unless otherwise noted, any individual opinions presented are those of the author and not necessarily those of Robertson Stephens. Indices are unmanaged and reflect the reinvestment of all income or dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Past performance does not guarantee future results. Forward-looking performance targets or estimates are not guaranteed and may not be achieved. Investing entails risks, including possible loss of principal. Alternative investments are only available to qualified investors and are not suitable for all investors. Alternative investments include risks such as illiquidity, long time horizons, reduced transparency, and significant loss of principal. This material is an investment advisory publication intended for investment advisory clients and prospective clients only. Robertson Stephens only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Robertson Stephens’ current written disclosure brochure filed with the SEC which discusses, among other things, Robertson Stephens’ business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov. © 2026 Robertson Stephens Wealth Management, LLC. All rights reserved. Robertson Stephens is a registered trademark of Robertson Stephens Wealth Management, LLC in the United States and elsewhere. A3658
Talk To Us