Asset Allocation Reports
Asset Allocation Bi-Weekly – The PCE Makeover (August 3, 2026)
by Thomas Wash | PDF The Federal Reserve’s preferred gauge of price inflation is set for a methodological update, as the Bureau of Economic Analysis (BEA) is expected to implement revisions to its price index for Personal Consumption Expenditures (PCE) as early as September. Early estimates suggest the changes will modestly lower measured PCE inflation,… Read More »
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 »
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 »
Asset Allocation Bi-Weekly – The Evolution of the Tech Life Cycle (June 29, 2026)
by Thomas Wash | PDF AI is reshaping the fundamental business model of technology companies. For decades, many tech firms distinguished themselves through capital-light operations and strong cash generation, allowing them to deliver both growth and profitability. This model enabled companies to attract investors by telling a compelling growth story, one centered on adaptability, continuous… Read More »
Asset Allocation Bi-Weekly – China Cuts Its Energy Imports (June 15, 2026)
by Patrick Fearon-Hernandez, CFA | PDF As we’ve noted before, the most immediate economic and financial market risk from the Iran war is the possibility of further price hikes for oil, natural gas, and some other commodities that depend heavily on shipping through the Strait of Hormuz. Because of the war, the strait has now… Read More »