The Macro Backdrop

Published on October 20, 2025

There is little question that the key economic storyline of Q3 was the fact that new job creation was not anywhere near as solid as the markets and, perhaps more importantly, the Fed believed.

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The Government Presses the Gas With Fiscal & Monetary Stimulus

October 20, 2025
Monetary and fiscal policy are now decisively stimulative to the economy thanks to interest rate cuts and the passage of the One Big Beautiful Bill Act. This should provide a tailwind to investments.

Bitcoin, Gold and the Hard-Money Renaissance: A Practical Playbook for Allocators

October 20, 2025
The most useful conversations about crypto don't start with block times or cryptography; they start with the monetary system. When money supply compounds and confidence in policy waxes and wanes, investors may reach for hard assets—tangible, scarce resources with intrinsic use value whose supply is difficult or costly to expand.