Research & News
Daily Comment (September 4, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with our view on the dollar and the drivers we expect to influence it going forward. We then briefly cover the German elections, AI advances, private credit, and other market-moving narratives. We close, as usual, with a roundup of… Read More »
Daily Comment (September 3, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment will begin with a discussion of a potential set of economic indicators the Federal Reserve may be monitoring and the implications for its forward guidance. We will then turn to the second day of the G20 summit, where attention was… Read More »
Daily Comment (September 2, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our key takeaways from the G20, as the world’s finance ministers and central bank governors confront rising inflation and interest rates. We then turn to the Iran war, examining the factors behind the recent skirmish and providing an… Read More »
Daily Comment (September 1, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with today’s continuing global bond sell-off, which is creating headwinds for risk assets as well. We next review several other international and US developments that could affect the financial markets today, including the latest on the war in Iran… Read More »
Daily Comment (August 31, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with worrying new details about the recent incident in which experimental artificial intelligence agents escaped an OpenAI sandbox and hacked the company Hugging Face. We next review several other international and US developments that could affect the financial… Read More »
Asset Allocation Bi-Weekly – The Impact of New Equity Supply (August 31, 2026)
by Bill O’Grady | PDF In November 1982, the Securities and Exchange Commission (SEC) changed its position on stock buybacks. Prior to this change, the SEC held that buybacks were potentially market manipulation. They weren’t directly banned, but companies buying back their stock ran the risk of being sanctioned for manipulation. In 1982, the SEC… Read More »
Daily Comment (August 28, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our views on Fed Chair Kevin Warsh as markets await his speech at Jackson Hole. We then turn to Venezuela where the US is pushing for stakes in the oil fields there. Following that, we briefly cover several… Read More »
Daily Comment (August 27, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with Nvidia’s strong earnings report and the potential implications for the AI trade. We then turn to the Iran‑US conflict, which has entered a new phase. Following that, we briefly cover a few other topics, including Bill Gates’s warning… Read More »
Daily Comment (August 26, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with the escalating trade tensions between the US and Canada and why China may be behind the rift. We next examine the fiscal front, analyzing Richmond Fed President Thomas Barkin’s concerns about the growing deficit and the potential risks… Read More »