Geopolitical Tensions Escalate While Risk Assets Fall
Markets traded lower this week as geopolitical tensions escalated in the Middle East and the price of oil surged +15%. The S&P 500 and Nasdaq each declined around -2%, with the Russell 2000 close behind at -1.5%. Most equity factors traded lower, including Growth, Value, and Equal-Weight, with market breadth weakening. The two exceptions were […]
Mega IRAs: Is It Time to Reposition Large Growth Assets?
More than 11,000 Americans now hold IRAs or 401(k)s worth $10 million or more, with over 1,000 above $25 million, according to the Joint Committee on Taxation. These balances don’t usually come from routine index fund contributions. They typically trace back to startup founders, venture capitalists, and corporate insiders who placed low-cost early-stage equity into […]
Week of July 27, 2026 – Weekly Economic Commentary
In light of the new tariffs imposed by President Trump and the sharp increase in the price of oil (Brent was above $100 this weekend but has fallen equally sharply to start the week), questions about Federal Reserve policy have flared again. Nothing has changed in the original calculus that has encouraged the Federal Reserve […]
Location, Location, Taxation: Where You Hold Your Investments Matters as Much as What You Own
When it comes to portfolio construction, we understandably spend a lot of time on asset allocation – deciding how much to carve out for equities, bonds, real estate, and alternatives. It’s a driver of your long-term returns. But there is a second, quieter decision that can quietly boost your portfolio’s bottom line without requiring you […]
Week of July 20, 2026 – Weekly Economic Commentary
The return of war, or almost-war, somewhat unexpectedly dominates the economic debate. As oil prices return to the $90/bbl levels last seen in early June—and $100 Brent crude is a distinct near-term possibility—the question of what comes next and how countries and their economies will respond looms large. Should the MOU (Cease Fire Memorandum […]
Déjà Vu: Oil, Semi, Fed Move Markets
Executive Summary US Markets. Major U.S. stock indexes closed the week mixed, as a late-week rebound in semiconductor and artificial intelligence (AI)-related shares helped the Nasdaq Composite and the S&P 500 Index overcome earlier volatility that was driven in part by higher oil prices and renewed hostilities between the U.S. and Iran. The Nasdaq led […]
How Do “Trump Accounts” Stack Up Against Other Child Savings Vehicles?
On July 4, 2026, the long-anticipated “Trump Accounts,” created under the One Big Beautiful Bill Act, officially went live. Many households are asking the same question: should we open one of these for our children or grandchildren? The idea of starting early on retirement savings has real appeal, giving an asset six decades to compound […]
Week of July 12, 2026 – Weekly Economic Commentary
Ten days after Fourth of July, the fireworks continue with the testimony of new Federal Reserve Chairman Kevin Warsh before the House Financial Services Committee (July 14) and the Senate Banking Committee (July 15.) The central bank is required to provide commentary and answer questions from lawmakers twice a year, though the dates are flexible […]
Q2 Market Recap: Broadening Beyond AI: A Strong Quarter for Stocks
Q2 2026 Executive Summary Stocks staged a strong recovery in Q2, with the S&P 500 gaining +15% and finishing near record highs. The Middle East conflict and oil shock that started in Q1 continued for most of Q2, but oil prices fell as the two sides worked toward a ceasefire agreement. Meanwhile, investors’ enthusiasm for […]
The Second-Home Decision: Balancing Aspirations with a Long-Term Plan
Whether it is a ski home in Aspen, a beachfront escape in Miami, or a metropolitan pied-à-terre, many affluent families aspire to purchase a second home. Yet as the luxury real estate market continues to break records, one thing holds true: buying a second home is rarely just a real estate transaction. It carries the […]
Week of July 05, 2026 – Weekly Economic Commentary
Summer is a remarkably busy season in monetary policy circles. While legislators may take long vacations (one exception being Britain this year, where the prolonged transition to a new Prime Minister is underway), central bankers and treasury officials go to conferences that are anything but holidays. The kick-off to the season is usually the G7 […]
Sharing Is Caring: Market Performance Breadth Improves
Weekly Market Recap Markets traded lower last week, though there was relative strength beneath the major equity indexes. The S&P 500 and Nasdaq both ended the week lower as the largest tech stocks sold off, while the Russell 2000 small-cap index, along with the value and equal-weight factors, produced modest gains. Technology, Communication Services, and […]