Many Happy (Fundamental) Returns

Published on September 11, 2025

Although the relationship between fundamental returns and total returns after a decade is solid, valuations do matter – their impact is evident in the vertical distance between each stock observation and the diagonal line on the chart.

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Can You Have Your Cake and Eat It Too?

September 11, 2025
Markets are hoping for a “Goldilocks” outcome: tariffs that don’t hurt margins, inflation under control, and just enough labor softness to justify rate cuts. It’s an appealing story, but history suggests this mix is rare, and chasing it could set investors up for disappointment.

From Gray Areas to Green Lights: U.S. Digital Assets Enter the Mainstream

September 11, 2025
This summer has been a big one for digital assets in the U.S., with major policy steps moving forward in Washington. The White House has been clear that the goal is to strengthen American leadership in digital financial technology, and the bills and executive actions we've seen over the past two months all fit under that theme.