Year-End Letter for 2025: Deep Value

Published on March 13, 2026

Deep value stocks remain our highest conviction long-only investment idea. Globally, they trade at abnormally wide discounts and offer attractive expected returns in an environment where many equities trade at elevated valuation levels.

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The Odd Couple of 2026: Cyclicals and Defensives

March 13, 2026
In this article, Russ Koesterich notes the year-to-date strength of both cyclical and defensive stocks, a pairing that seems too strange to last.

An ETF Right for a New Era of Defense Spending

March 13, 2026
Supported in part by a growing U.S. defense budget, legacy aerospace and defense ETFs are performing admirably. A trio of those funds each have more than doubled over the past three years.