Introduction: Why Bonds? "My answer is I don't have the first d*** clue." Just when investors thought it was safe to...

You do what you do, you say what you say You try to be everything to everyone You know all the right people You play...

The path of the market in 2026 has felt a lot like the opening seconds of Red Hot Chili Peppers’ 2003 music video for “Can’t Stop”.

Having come into 2026 expecting a strong and broad cyclical upturn, investors still haven’t found the economy they’ve been looking for.

We all are prone to occasionally “building ourselves a myth” out of a hope that things can be different or out of an avoidance of reality, and the market is no different.

Markets just hit all-time highs while a war raged in the Middle East. What happened, what’s next, and why investors shouldn’t panic (yet).

The Great Divide is a great way to describe some of the sharp divergences and departures we have seen over the last three months.

Some of these great divides are encouragingly positive, while others are distinctly negative.

While our quote, referencing the above scene from the 2011 baseball movie Moneyball, is an oversimplification and exaggeration, in our view, it is a fitting analogy for the divergent fundamentals, narratives, and sentiment that surround the global software and semiconductor industries today.