Research & News
Asset Allocation Quarterly (Third Quarter 2026)
by the Asset Allocation Committee | PDF We expect no recession over our three-year forecast period, with near-trend GDP growth. Economic growth continues to be driven by business investment. Inflation will likely remain above the Fed’s long-term target but without further acceleration. We expect a cautious Federal Reserve, with inflation limiting the pace and magnitude… Read More »
Daily Comment (July 28, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with an update on the war in Iran, where the latest reporting hints that the US might continue its pause in attacks in order to let its new financial sanctions on Iran have an impact. We next review… Read More »
Bi-Weekly Geopolitical Report – The Corporatist State and Its Investment Implications (July 27, 2026)
by Patrick Fearon-Hernandez, CFA | PDF From personal experience, most of us understand that humans often focus on issues in the here and now rather than big, abstract trends that are hard to understand or categorize. We tend to get caught up in the stresses of everyday life. Perhaps we get up in arms about… Read More »
Daily Comment (July 27, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with an update on the war in Iran, where both the US and Iran have paused their attacks on each other, sparking a sharp fall in oil prices. We next review several other international and US developments that… Read More »
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 »