News

2Q 2025 Recap & 3Q 2025 Outlook

Key Updates on the Economy & Markets After a volatile start to the year, the stock market staged a strong rebound over the last three months. In Q1, market sentiment was cautious due to rising policy uncertainty, concerns about slower economic growth, and questions about the longer-term outlook in the…

04/01/25 | Quarterly Letter

1Q 2025 Recap & 2Q 2025 Outlook

Key Updates on the Economy & Markets Stocks fell in the first quarter after two consecutive years of gains exceeding +20%. The year started off strong, with the S&P 500 reaching a new all-time high in mid-February. However, sentiment shifted late in February amid rising policy uncertainty in Washington, and…

01/01/25 | Quarterly Letter

4Q 2024 Recap & 1Q 2025 Outlook

Key Updates on the Economy & Markets There was no shortage of market-moving events in Q4. The stock market opened the quarter with a slow start in October, but the outcome of the presidential election triggered a broad rally in November, which faded as the year ended. The credit market…

10/01/24 | Quarterly Letter

3Q 2024 Recap & 4Q 2024 Outlook

Key Updates on the Economy & Markets The most significant development in 3Q24 was the Federal Reserve’s decision to cut interest rates by -0.50%, the first rate cut of this cycle. It came as the Fed shifted its focus, with unemployment rising to a 33-month high and inflation moving back…