22 posts
The U.S. personal savings rate fell to 2.6% in April 2026, less than a third of the long-run average of 8.4% recorded since 1959. Outside of a brief stretch before the 2008 financial crisis, Americans have rarely saved this little. The Bureau of Economic Analysis’ April 2026
If you own an S&P 500 index fund, roughly 1 in 6 dollars is now effectively a bet on the semiconductor industry. Semiconductors now make up ~18% of the S&P 500 index. Ten years ago, that number was ~2%. This rise wasn't sudden, instead
Look back at over 10 years of the 6 U.S. factor returns, one pattern dominates: the leaderboard changes.
Today marks Jerome Powell's last day as Chair of the Federal Reserve. For investors who have spent years anchoring their rate outlook to his steady, data-dependent messaging, this transition is more than a personnel change.
Listed real assets are outpacing US equities through the first four months of 2026, and the leadership is broad-based.
Same index, different engine. The S&P 500 index is back at record highs, but the stocks driving these highs aren't the ones that caused the lows.
