Insights
Quick reads on markets and policy
Written for practitioners and informed investors—free to read, dated and sourced. You’ll find short market and macro notes that explain moves and policy shifts without the noise; evergreen principles that clarify risk, ranges and behaviour; and concise explainers on the themes we’re asked about most. When doing nothing is the right call, we say so.
The Rout the Average Stock Missed
The S&P 500 fell 3% over a month in which the average company inside it rose about 2%. We think the gap says more about what a concentrated benchmark measures, and who sits downstream of it, than about artificial intelligence.