Market Note: What the War in Iran and the Latest Job Report Mean for Investors
March 10, 2026 – As the war between the U.S., Israel, and Iran enters its second week, the hope for a short, Venezuela-style campaign is fading. Iran’s reported choice of Mojtaba Khamenei, the son of Ali Khamenei, as its next supreme leader suggests that a mood of defiance persists in Tehran. With no popular uprising […]
Market Note: Judgment Day for Software?
February 20, 2026 – After almost a year of AI euphoria, the stock market recently plunged into AI blues. Once seen as a great boost to all things technology, overnight AI turned into an imminent threat to software companies whose products are now seen as ripe for disruption. While fears around the fate of software […]
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 […]
Market Note: The Cost of Living in the Age of AI
By Avi Deutsch November 25, 2025 – As we digest the results of November’s elections, a common narrative is emerging that ties the outcome to a stubborn reality: life still feels expensive. Cost of living dominated local debates and exit polls, echoing concerns that have lingered since the inflation peaks of 2022–2023. While headline inflation […]
Quarterly Letter: The Political Limits of Growth
By Avi Deutsch October 10, 2025 – As I write this, the U.S. government remains shut down as Congress once again fails to agree on a path to keep the government funded. Government shutdowns have been a feature of American politics since the 1980s, but they have been increasing in frequency and length. The last […]
Market Note: A Fall Chill is in the Air
September 12, 2025 – It’s astounding that even in this age of breathtaking technological innovation, our ability to understand the state of the economy in real time remains limited. Economists and investors worldwide rely on government data that is released with significant delays and often revised. You almost have to wonder, where’s AI when you […]
Planning Note: What the One Big Beautiful Bill Means for Business Owners, Executives, and Other High Earners
August 14, 2025 – It’s been over a month since Congress passed the One Big Beautiful Bill Act (OBBBA), and investors, accountants, and planners are still studying the impact of this 900-page bill. If the 2017 Tax Cuts and Jobs Act did much to amplify the tax code, this bill makes it significantly more complicated, […]
Quarterly Letter: Policies Come into Focus
By Avi Deutsch July 10, 2025 – The past quarter saw the implementation of many of the policies promised by the new administration. These included: Across the board, it’s too early to say how these policies are impacting the economy. Tariffs are clearly raising revenues, but how this cost will be shared between foreign manufacturers, […]
Market Note: Who’s the PIG(S) Now?
June 13, 2025 – In the wake of the 2008 global financial crisis, many watched the unfolding European debt crisis with a mix of concern, curiosity, and self-satisfaction. Starting in 2009, Portugal, Ireland, Greece, and Spain (the so-called PIGS), among others, struggled to pay off their sovereign debt and were forced to accept international bailouts. […]
Market Note: Mixed Signals Amid Policy Uncertainty
May 21, 2025 – There are good reasons to be confused about the current state of the U.S. economy. These past weeks have seen a slew of economic data telling very different stories. Simultaneously, the pace of change in the markets has only been surpassed by the speed of developments in government policy, leaving many […]
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Quarterly Letter: Behold, a Nation Dwelling Alone
April 11, 2025 – For much of the past decade, the Fed played a central role in the US economy. From innovative programs such as Quantitative Easing (QE) that emerged in the wake of ’08, through the Covid response, and culminating in the interest rate hikes of 2022, investors saw the Fed as a dominant […]