We write to refine our perspectives that drive client results.

The six largest U.S. banks have returned roughly twice the market since the start of 2025. The deal machine is why.

The index finished July almost exactly where it started, yet two sides of the biggest trade of the year moved about fifty points apart.

Alphabet’s free cash flow went negative for the first time in its public history. Not because the business is shrinking, but because it’s spending.

The companies spending hundreds of billions on AI are watching their free cash flow disappear, but it’s moving somewhere very specific.

The S&P is up 9.6% through June. In the 53 years the first half finished green, the second half followed three times out of four, averaging a 6.2% gain.

Since the March low, eleven sectors took in $19 billion. Technology took more than that by itself.

SpaceX began trading as the largest IPO in American history, with thousands of current and former employees projected to become millionaires.

Software development job postings bottomed in May 2025, then rebounded while overall U.S. postings continued to slide.

A three-year look at the market’s widening divide between companies that create proprietary data and companies that run on customer-uploaded data.

S&P 500 earnings just grew at the fastest rate of the cycle, with growth accelerating across the market.

Our approach with new IPOs, and what the last 25 years of data say about the first two years.

New all-time highs tend to be followed by quieter months, but stronger twelve-month returns.

Four hyperscalers are planning to spend $682 billion on infrastructure this year. The last time they did something like this, they built the cloud.

U.S. federal debt has reached 122% of GDP. Here’s what that has meant for the dollar, international stock outperformance, and the bigger picture.