Cutting Back on Equities as Financial Conditions Offer Less Support

Published on November 5, 2026

Equity markets are caught between tighter liquidity conditions and increased geopolitical uncertainty on the one hand, and solid economic growth and corporate earnings on the other. We have consequently reduced our exposure to stocks leading into year end.

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Campaign Spending: The Hidden Boost Behind U.S. Consumer Resilience

November 5, 2026
Following the U.S. midterm elections, investors will naturally focus on what the results mean for fiscal policy, geopolitics, and the regulatory outlook. But there’s another more immediate way the midterms have already mattered for the economy: The campaigns themselves have provided a meaningful boost to U.S. growth.

Where Investors Aren’t Looking

November 5, 2026
Taken together, these trends point to a healthier, broader economic backdrop than the AI-driven narrative alone would suggest. For us as investors, it reinforces the case for individual, fundamental stockpicking over simply riding the AI wave. There's more supporting this market than one theme, and that breadth matters for how we position portfolios.