The Rotation Will Continue Until Morale Improves

Published on November 3, 2026

We expect the rotation to continue. The earnings bar is high—very high. Any minor misstep has led to punishment, which has led to rotation. Rotation is not a bad thing, and if you are running a diversified equity portfolio, you should be in good shape.

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Above-Average Returns: Why The Next Decade Differs

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In 2016, McKinsey warned that the “golden era” for investors had ended. Falling rates, fatter margins, and a rising multiple had done their work in creating above-average returns. Younger savers, the report said, would have to work seven more years or save nearly twice as much.

Can Q3 Earnings Get Back on Track After Being Rattled by Big Tech's AI Prints?

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Last week, the AI trade began to crack further with Alphabet’s release, missing on both the top and bottom lines. Mirroring Meta’s print from the prior week, massive AI capex turned free cash flow negative, alarming investors.