There’s More to Growth Than AI

Published on August 21, 2026

For many of the past several years, investor enthusiasm has been concentrated in a narrow group of AI-related and technology stocks. As liquidity conditions tighten and speculation begins to recede, broader market fundamentals are gaining importance.

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The Long and Winding Stock Market Road

August 21, 2026
Our job is to lead our investors to success in the “winding.” Most investors in US common stocks have found their way on the most spectacular gravy train in the history of common stock investing. This gravy train has been terrific for 17 years since the stock market bottomed in 2009.

Counterintuitive Labor Market Shifts Constrain Measured U.S. Wage Gains

August 21, 2026
The headline U.S. unemployment rate has been falling for several months, but a closer look at who is leaving the workforce – and who isn’t entering or returning to it – reveals why average wages are stagnating, and why labor markets aren’t a source of inflationary pressure.