Featured
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Market Commentary
The U.S. market trades at nearly 19 times expected earnings, versus less than 13 times for the rest of the world: one of the widest premiums in 50 years. Why history calls for caution, and where we are finding our best opportunities today.
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Market Commentary
Shares of the AI giants are still holding up, but lenders are getting nervous. Record debt issuance, off-balance-sheet commitments, shrinking cash flows: why the bond market may be the first to sound the alarm.
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Market Commentary
Today's market concentration in a handful of AI stocks looks a lot like the top of the tech bubble in 2000. What does that period tell us about when bubbles burst, and about the opportunities they leave behind?
