Q1 2026 Investment Letter

U.S. stock markets continued to march higher during the third quarter, powered by tech names and anything related to AI. Inflation continues to remain elevated with the latest CPI reading of ~3.0%. However, the labor market is softening, which has led the FED to cut interest rates 2 times so far this year. Overall, valuations remain high with AI names in particular exposed to overvaluation. Recent news headlines involving questionable deal-making among AI companies should be

U.S. stock markets posted strong returns for the second quarter, hitting new all-time highs as investors brushed off tariff related news....