Markets Overcome Mid-Month Pullback in November

Published on December 3, 2025

A mid-month bout of volatility focused primarily on the AI tech giants gave way to a broader rally in November’s final days amidst renewed expectations the US Federal Reserve (Fed) will cut interest rates in the coming weeks.

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Why We Believe Quality Stocks are Mispriced

December 3, 2025
High-quality stocks have underperformed sharply across markets in 2025. For instance, in U.S. small caps, companies with negative earnings have outperformed profitable ones by about 20% since Liberation Day, while the Russell 2000’s rally has favored high-volatility, unprofitable names.

Pushing Limits

December 3, 2025
AI’s buildout is dominated by a handful of companies that are spending on a scale so large, it has macro impact. The challenge for investors is reconciling whether AI will generate revenues of the same order of magnitude as the huge capital spending plans.