As AI continues to reduce software development costs, investors need to reconsider what makes a competitive moat durable, particularly for technology companies.

The AI boom has pushed technology stocks to new highs, but it has also masked headwinds in other sectors of the economy.

Aggressive policy changes from Washington have introduced potential long-term economic risks, but markets continue to rally because the near-term conditions remain favorable.

As the market marches to new highs, just two months after a violent 20% selloff in equities, we ask ourselves how the narrative has shifted so quickly.

Thanks to a variety of structural advantages, including favorable demographic trends, we believe the U.S. remains the most attractive investment environment in the world.

As the U.S. evolved from a goods economy to a services economy, expansionary cycles more than doubled in length. But a recent resurgence in manufacturing may be taking us back to the future.

As the second quarter came to a close, the Fed’s elusive soft landing appeared to be within reach. However, inflation resurfaced during the third quarter, substantially complicating the near-term economic outlook.

The S&P 500 has generated double digit returns so far in 2023, but the gains have been narrowly focused. Heading into the second half, we will be watching to see whether the rally broadens or the market capitulates.