The Story the Market Wants to Tell  We all do this.    We create a version of reality that feels better than the actual one. Sometimes it’s optimism. Sometimes it’s avoidance.    Markets do the same thing.    Over the last few years, one of the most popular stories has been that the market is finally “broadening out.” More...Read More

Markets Don’t Wait for Clarity    “Who says nothing is impossible? Some people do it every day.”    Six weeks ago, investors were staring at a real geopolitical shock. War involving Iran. A de facto shutdown of the Strait of Hormuz. A sudden hit to global energy supply.    Now markets are sitting near record highs.    That feels...Read More

Predictions, Meet Reality    Yogi Berra had it right. Predictions are hard. They get even harder when headlines are moving markets by the hour.    We just wrapped up our 2Q26 outlook. The timing wasn’t ideal. Markets were reacting in real time to news around a possible ceasefire in Iran. That kind of backdrop doesn’t make forecasting easier. It just reminds you how...Read More