Articles
Is Private Credit a Bubble?
Private credit—particularly middle-market direct corporate lending—has attracted heightened attention as capital has flowed into the space and retail-oriented vehicles have expanded access. While concerns about liquidity, valuation, and systemic risk have featured prominently in the financial press, a closer examination suggests that private credit is not a speculative bubble and
Financial Markets begin to React to the War
After an initial muted response to the war with Iran, market volatility surged over the past week. Early beliefs in a limited and contained war faded after Iran’s retaliatory strikes began targeting Gulf refineries, desalination plants and shipping. In response, insurers pulled coverage citing war-risk provisions in policies. Unable to
Fourth Quarter 2025 Market Commentary
Equity markets continued to shrug off the tariff-induced volatility that roiled stocks earlier this year. The S&P 500 returned 14.8% year-to-date through September 30. This performance was driven by AI-related names and more speculative, lower-quality stocks. Low quality outperformed high quality by nearly ten percentage points among both large and small cap stocks.
Third Quarter 2025 Market Commentary
Equity markets continued to shrug off the tariff-induced volatility that roiled stocks earlier this year. The S&P 500 returned 14.8% year-to-date through September 30. This performance was driven by AI-related names and more speculative, lower-quality stocks. Low quality outperformed high quality by nearly ten percentage points among both large and small cap stocks.
Tariff Volatility
Why is the market selling off today when everyone knew that tariffs would beannounced? The Tariff announcement far surpassed expectations The administration’s tariff announcement today surpassed expectations and resulted in broadstock market declines. The dollar also declined, and the benchmark 10-year Treasury BondYield fell by 8 basis points to 4.05%.
DeepSeek Changes the Narrative
Humans thrive on stories. Psychological experiments document their effectiveness in communicating information and changing behavior. Neurologists measure the actual changes in brain chemistry that they trigger. It is no surprise then that stories drive equity markets. A compelling narrative about a technological revolution or, alternatively, a dying industry triggers investors