A Technology Unlike Any Before It?

Published on July 28, 2026

The motivation for today's report comes from the growing number of articles warning about the possibility of an AI bubble. The truth is that nobody knows whether a bubble exists today in artificial intelligence or whether one may emerge in the future.

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New U.S. Tariffs Create Case for International Dividend ETFs

July 28, 2026
It’s becoming increasingly clear that tariff tensions between the United States and the rest of the world won’t be going away any time soon. Last Friday, the U.S. imposed a series of tariffs on 60 different trading partners, including China, Canada, and the European Union.

Quarterly Review and Outlook Second Quarter 2026

July 28, 2026
The structural inflation outlook can be understood through the standard economic production function, where output is determined by labor, capital, technology, natural resources, and productivity growth. Following the collapse of the Iron Curtain and China's integration into the global trading system, the world experienced one of the largest positive supply shocks in modern economic history.