September 2026 - Understanding the Recent Inflation News
September 16, 2026
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A Guide to the Alphabet Soup of CPI, PPI, PCE and More
August 2026 - The Yen Crisis Is Not Just Japan’s Problem
August 06, 2026
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Why the United States stepped into the currency market - and what investors should understand about the risks beneath the headlines.
July 2026 - When the Fed Speaks Less, Markets Move More
July 30, 2026
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Why one of the most divided Federal Reserve meetings in three decades reinforced the importance of preparing for uncertainty.
June 2026 - What I Noticed About America by Leaving It
June 10, 2026
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Dear Investors and Friends, A Question Worth Asking As our nation approaches its 250th birthday on July 4, 2026, I have found myself reflecting on a simple but profound question: How did a country that did not exist 250 years ago become the most powerful and prosperous nation in histo …
May 2026 - Oil, Inflation, and the Fed: What Happens Next?
May 01, 2026
Dear Investors and Friends, In recent weeks, rising geopolitical tensions, particularly involving Iran, have contributed to a meaningful increase in oil prices. That move has already begun to show up in economic data. Headline inflation has moved higher, driven largely by energy costs …
April 2026 - When Correlations Rise
April 21, 2026
Dear Investors and Friends, March was an interesting month. Geopolitical developments, including rising tensions involving Iran, contributed to a meaningful increase in oil prices. That led to concerns about inflation, pushing interest rates higher and putting pressure on bond prices. …
March 2026 - Liquidity Risk and the Value of Separately Managed Accounts
March 24, 2026
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Dear Investors and Friends, Investors today are navigating a wide range of risks, including geopolitical tensions, signs of a softening U.S. labor market, and rapid technological disruption driven by artificial intelligence. At the same time, developments in private credit markets are …
February 2026 - The Owl in the Coalmine
February 24, 2026
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Liquidity, Leverage, and the Structure of BDCs Executive Summary Business Development Corporations (BDCs) provide retail access to private credit. They lend to middle market companies and distribute most of the income they generate, often producing yields above traditional bonds. Leve …
February 2026 - The Safest Part of Your Portfolio Has Been Anything But
February 12, 2026
Dear Investors and Friends, Market narratives change quickly. Gold has moved higher. Bitcoin has been hammered. Technology and software stocks, which until recently appeared to move in only one direction, have fallen sharply amid growing concerns about competition and disruption from …
January 2026 - The 2026 Base Case, and Why We Don’t Rely on It
January 05, 2026
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Dear Investors and Friends, Each January, markets are flooded with forecasts. Growth, inflation, interest rates, stocks, bonds, all wrapped into neatly packaged “base cases.” This year is no different. A recent Bloomberg News compilation aggregated outlooks from more than 60 global in …