Insights
Our research, the market data behind our thinking, and news of the firm, including fund milestones and new relationships, published as it arises. We write when we have something worth an investor's time, and not otherwise.
Featured · Research
SEP 2026When ten companies account for close to half of the index, the diversification an investor believes they hold is largely an illusion. We examine why, and what it implies for how a portfolio should be built.
Research
Why a return stream that does not depend on the market rising has a place alongside a passive core.
SEP 2026
Research
The way bonds offset equities depends on the environment. When it changes, the ballast can become a second source of loss.
SEP 2026
Market data
The steady, price-insensitive buying that supported the market for years is now the larger part of it.
SEP 2026
Research
What a cyclically adjusted price-to-earnings ratio near 41 has tended to mean for the returns that follow.
AUG 2026
Research
How a retiring generation changes the flow of money into markets, and what it asks of a portfolio.
AUG 2026
Firm news
The institutions behind the fund, who they are and why they were chosen.
SEP 2026
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A short note when we publish research, reach a milestone, or announce a new relationship. Written for professional and institutional investors.
