News

4Q 2025 Recap & 1Q 2026 Outlook

Key Updates on the Economy & Markets Markets navigated a complex environment in Q4. The quarter started with a government shutdown, which lasted 43 days and delayed key economic data releases. The lack of timely information made it difficult to assess the economy’s strength and contributed to periods of volatility…

09/30/25 | Quarterly Letter

3Q 2025 Recap & 4Q 2025 Outlook

Key Updates on the Economy & Markets Markets carried their strong momentum from Q2 into Q3, with the S&P 500, Nasdaq, and small-cap stocks each hitting new highs. Investor sentiment remained optimistic despite soft labor market data and mixed economic signals, and stocks traded higher due to strong corporate earnings,…

07/08/25 | Quarterly Letter

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…