Dollar Deceleration

Published on February 12, 2026

Prices in efficient markets will rapidly adjust to reflect new risks and developments. The year has started with a flurry of geopolitical events, which have created significant volatility in the markets for currencies and commodities.

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Conglomerates and the Disappearing Diversification Discount

February 12, 2026
Whether these diversified firms can maintain their positions indefinitely is an open question, but market history suggests the competition always catches up.

Crypto—What’s Driving the Recent Fallout?

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The recent decline in cryptocurrency prices has unsettled parts of the market. I talked with Christopher Jensen, Director of Digital Asset Research and a Portfolio Manager in the Digal Asset Investment Strategies group for his views which I share below.