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Investing Without Solid Footing – July 28, 2026

Good morning,

Investing is fundamentally about discounting the future. The clearer that future appears, the easier investing feels. Today, it feels unusually difficult because no one knows what comes next in Iran—whether regarding its nuclear program or its control over the Strait of Hormuz. Few variables have greater influence over the direction of the global economy than the price of oil.

With that as our backdrop for several months—and potentially several more—the world continues to turn, time moves forward, and investors return to their knitting: buying and selling assets based on expectations for the future, but without the solid footing they have grown accustomed to over the past several decades.

And there is plenty to knit this week. We face the year’s biggest week of earnings announcements on a market-capitalization basis, a fresh Federal Reserve meeting for which expectations are all over the map—see paragraph 2—and the continuing correction in the technology sector.

It has largely been the same story for several weeks. And so it goes.

Be well,
Mike

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