Research & News
Daily Comment (October 24, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with a discussion about the deepening trade dispute between the US and Canada. Then, we break down what’s at stake as the US and China head back to the negotiating table. Also in today’s report: Washington’s push to maintain… Read More »
Daily Comment (October 23, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment section opens with an unraveling of the reasons behind the market’s recent breather. This is followed by a crucial look at US monetary policy, specifically analyzing how scant jobs data could constrain the Federal Reserve’s next interest rate decision. We… Read More »
Keller Quarterly (October 2025)
Letter to Investors | PDF “The more things change, the more they stay the same.” That old maxim is proving true again as the financial markets are experiencing the curious phenomenon of dual gold rushes. The first is a rush to own the yellow metal itself. The second is a race to make money in… Read More »
Daily Comment (October 22, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment section opens with a deep dive into the recent drop in gold prices and its stark implications for US-China trade tensions. We then explore the potential pathway to persuading Russia to end the war in Ukraine. Closer to home, a… Read More »
Asset Allocation Quarterly (Fourth Quarter 2025)
by the Asset Allocation Committee | PDF We expect no recession over our three-year forecast period, with GDP growth near trend, driven increasingly by business investment. Anticipated fed funds rate cuts will stimulate the economy and address weakening labor markets. Inflation is likely to remain around 3%, above the Fed’s long-term target. Passive flows continue… Read More »
Daily Comment (October 21, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with confirmation that the Japanese parliament has formally approved Sanae Takaichi as Japan’s first female prime minister. We next review several other international and US developments with the potential to affect the financial markets today, including a big… Read More »
Daily Comment (October 20, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with news that Japan’s ruling party has struck a coalition deal that will allow conservative and investor favorite Sanae Takaichi to become the new prime minister. We next review several other international and US developments with the potential… Read More »
Asset Allocation Bi-Weekly – The Debasement Hedge: A Tale of Two Safeties (October 20, 2025)
by Thomas Wash | PDF The surge of gold past the $4,000-per-ounce level in October marks a definitive pivot in market behavior. Unlike past rallies driven by stock market fear, the current move is distinctly characterized by a structural rotation away from sovereign debt and toward tangible assets. This is not a simple risk-off move.… Read More »
Daily Comment (October 17, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with a deep dive into emerging credit quality concerns that could signal vulnerability within the financial system. We then pivot to US diplomacy, assessing the latest efforts to broker a resolution in Ukraine. Our coverage also unpacks two key… Read More »