The Return of the Stock Picker’s Market

Published on February 20, 2026

The rising dispersion in returns and relatively low correlation among S&P 500 stocks has become increasingly apparent on the CBOE S&P 500 Dispersion Index and the CBOE Three-Month Implied Correlation Index.

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Emerging-Market Corporates: Renowned for Resilience

February 20, 2026
Emerging-market (EM) corporates have a track record of resilience across market cycles. For over a decade, EM corporate bonds have allowed for participation in rising markets, while exposing investors to less downside during market downdrafts.

Willie Sutton Meets Wayne Gretzky

February 20, 2026
There are two sides to the current stock market. One side, ignorance avoidance, requires us to know where the money is. The other side, stock selection, is to know where the money is going.