Research & News
Daily Comment (July 24, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with a discussion of the hacking incident involving one of OpenAI’s models. We then examine the White House’s newly implemented tariffs. Next, we briefly cover Chile’s push to refine more of its copper, Europe’s growing energy shortage, and new… Read More »
Daily Comment (July 23, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with the latest developments in Iran before turning to the White House’s pursuit of a nuclear arrangement with Saudi Arabia and its implications for the regional balance of power. We then briefly examine AMD’s investment in Anthropic, the administration’s… Read More »
Daily Comment (July 22, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with the latest developments in Iran. We then discuss the White House’s move to maintain the current trade regime even as some tariffs are set to expire on Friday. Next, we briefly cover the Treasury’s concerns about tax-strategy abuse,… Read More »
Keller Quarterly (July 2026)
Letter to Investors | PDF Perhaps, like me, you’ve enjoyed the World Cup soccer tournament played here in North America. For soccer fans, it’s like the Super Bowl, World Series, and Olympic Games all rolled into one. It’s an elimination tournament somewhat akin to the NCAA basketball tournament: Cinderellas sometimes overcome supposedly better teams, but… Read More »
Daily Comment (July 21, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with what appears to be the start of a new US effort to erect protectionist import tariffs on dozens of countries around the world, starting with Canada. We next review several other international and US developments that could… Read More »
Daily Comment (July 20, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with an update on the weekend events related to the war in Iran. We next review several other international and US developments that could affect the financial markets today, including the naming of a new prime minister in… Read More »
Asset Allocation Bi-Weekly – In Warsh, We Trust? (July 20, 2026)
by Thomas Wash | PDF Newly appointed Federal Reserve Chair Kevin Warsh is pushing for a clear regime shift, starting with a complete overhaul of the central bank’s communications strategy. This month, he appointed a task force led by two former central bank heads — Mervyn King of the Bank of England and Arminio Fraga… Read More »
Daily Comment (July 17, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with an assessment of the latest escalation in the US-Iran conflict. We then turn to chipmakers, where there are signs that investors have grown hesitant to support capacity expansion plans. Next, we examine Iraq’s collaboration with an oil company… Read More »
Daily Comment (July 16, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with an assessment of the latest developments in Iran. We then turn to AI, where early signs of public resistance to data center expansion are beginning to emerge. Next, we examine Microsoft’s strategy to reinforce its competitive positioning against… Read More »