Research & News
Daily Comment (February 11, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with an analysis of why markets remain resilient despite ongoing economic headwinds. We then turn to developments in the status of the nuclear program negotiations with Iran, followed by a discussion of the potential US withdrawal from the USMCA… Read More »
Daily Comment (February 10, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with news that the White House this week will launch a major rollback of environmental regulations. We next review several other international and US developments that could affect the financial markets today, including an announcement of performance reviews… Read More »
Bi-Weekly Geopolitical Report – US Foreign Policy: Comparing the New vs. the Old (February 9, 2026)
by Patrick Fearon-Hernandez, CFA | PDF In our Bi-Weekly Geopolitical Report from January 26, we posited that the United States under the new administration has adopted a foreign policy quite distinct from that of the previous eight decades. We showed how the new US policy is a type of neo-imperialism with elements of neo-colonialism. We… Read More »
Daily Comment (February 9, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with some quick notes on the monumental election in Japan yesterday. We next review several other international and US developments with the potential to affect the financial markets today, including a recap of elections in Thailand and Portugal,… Read More »
The Case for Hard Assets: An Update (First Quarter 2026)
by Patrick Fearon-Hernandez, Joe Hanzlik, Bill O’Grady, and Mark Keller | PDF Background and Summary One of the key trends we perceived in 2008 (when we started our firm) was that the US domestic political consensus to maintain American hegemony was fraying. Prior to that point, fears of global communism had fostered a political consensus… Read More »
Daily Comment (February 6, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with an analysis of TrumpRx and its potential implications for future government involvement in the economy. We then examine why Cuba is prepared to reopen talks with the United States, how rising tech spending is unsettling investors, and what’s… Read More »
Daily Comment (February 5, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our perspective on the recent market unwind and the key factors driving it. We then review Treasury Secretary Scott Bessent’s testimony before Congress and the implications for policy and markets. Next, we discuss Vice President JD Vance’s push… Read More »
Daily Comment (February 4, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our perspective on the recent sell-off in tech stocks. We then examine rising tensions between the US and Iran. Next, we address the proposed solutions by homebuilders to improve housing affordability, Texas’s renewed scrutiny of data center projects,… Read More »