In brief During August, we trimmed our holdings in financials and industrial companies, kept a large position in energy, and are spending this fall stress-testing the companies that we own rather...

The S&P 500 ended July exactly where it started. Flat. After geopolitical shocks, a Fed non-decision that somehow rattled more than it reassured, and a late-month rally that arrived fashionably late...

The AI buildout is the biggest infrastructure story of this decade — and it runs entirely on electricity. That tension between what the market rewards and what it actually depends on is shaping up...

In brief During August, we trimmed our holdings in financials and industrial companies, kept a large position in energy, and are spending this fall stress-testing the companies that we own rather...

The S&P 500 ended July exactly where it started. Flat. After geopolitical shocks, a Fed non-decision that somehow rattled more than it reassured, and a late-month rally that arrived fashionably late...

The AI buildout is the biggest infrastructure story of this decade — and it runs entirely on electricity. That tension between what the market rewards and what it actually depends on is shaping up...