Insights

“Déjà vu confirms a faithful path worth taking.”– T.F. Hodge Folks familiar with me know I like to use themes when discussing my economic and capital market views. I tend to view the economy (and much else in life) in a historical context. Why? Just because this is a...

We wouldn’t call it a scorching Santa Claus rally, but the S&P 500 was able to hang on and post a positive total return of roughly 2.7% in Q4 2025. This put a nice cherry on top of another solid year for US equity investors. In calendar 2025, the S&P 500...

The S&P 500 finished November up 0.2%, bringing year to date returns to 17.8% through month end. A flat month on the surface doesn’t quite capture the experience investors lived through, as it took a late-month rally to pull the index back to where it started....