Where’s My Lunch?

Published on June 9, 2026

Probably the most popular insight to make its way from finance theory into everyday usage is that "diversification is the only free lunch" in investing. The idea dates back to Harry Markowitz in 1952. He, and those building on his work, demonstrated that in an efficient market, investors shouldn't earn extra return for bearing company-specific risks that can be diversified away.

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Treasury Market Is Telling Kevin Warsh Rates Need to Be Higher

June 9, 2026
The rise in US yields has extended across the entire Treasury curve, creating a charged backdrop for Fed policymakers and their new chairman, Kevin Warsh, who helms his first meeting and press conference next week.

Fixed Income Markets in a Higher for Longer Environment

June 9, 2026
Interest rates remain one of the primary concerns for investors as Kevin Warsh has officially assumed leadership at the U.S. Federal Reserve (Fed). While we believe the possibility of a rate cut has diminished considerably, we are not yet expecting additional rate hikes.