Meta Needs to Stop Spending as If It’s a Cloud Giant

Published on May 1, 2026

The AI hyperscalers are lumped together for obvious reasons, but after the four largest reported their earnings on Wednesday night, it became abundantly clear that one of these big-spending giants is not like the others.

Continue reading on website
Other news

So Long, but Not Farewell...

May 1, 2026
Geopolitics – beyond the Fed’s control – have added to economic uncertainty and cloud the outlook as Fed Chair nominee Kevin Warsh (who this morning won the backing of the Senate Banking Committee and will now head to the Senate for final confirmation) looks almost certain to take the reins in just over two weeks.

How A “Big Bet” Remains Poised for Future Outperformance

May 1, 2026
International deep value stocks are a high-conviction, active position across all GMO Asset Allocation portfolios. We define the deep value group of securities as the cheapest 20% of the market, a broad opportunity set that allows us to construct portfolios that are cheaper than traditional value indexes but still high in quality.