The Rising Cost of Disinflation
The next percentage point of disinflation may prove considerably more expensive than the last.
RESEARCH //
Thought leadership.
Regular publications to articulate what we see and how we think
The Price of Conviction
Ten years ago, the earnings yield on U.S. equities, as represented by the S&P 500 Index, sat notably higher than the real 10-year U.S. Treasury Note yield. That relationship changed dramatically in 2026.
The Winners Keep Changing
As professional investors and systematic managers, we see market leadership as the result of a constantly changing mix of valuations, growth, inflation, interest rates, liquidity, geopolitics, sector fundamentals, factor cyclicality, investor behavior, and a bit of je ne sais quoi.
A More Restrictive Starting Point
The Federal Reserve raised its target range by 25 basis points this week, bringing the midpoint of the federal funds target range to 3.875%. Though the headline move was modest, we believe that this signifies a broader change in the policy backdrop.
The Missing Middle
After years of large-cap leadership, Small-Mid Cap (SMID) is back in focus. The strategic case for an allocation to SMID, however, is broader than this year's performance.