Research & News
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 »
Daily Comment (July 15, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our key takeaways on the latest escalation in the US-Iran conflict. We then turn to Fed Chair Warsh’s congressional testimony and its implications for inflation expectations. Next, we briefly discuss the State Department’s new grant initiative in Europe,… Read More »
Daily Comment (July 14, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with an update on the conflict in Iran, where the June ceasefire has essentially collapsed and produced an enormous spike in global oil prices. We next review several other developments that could affect the financial markets today, including… Read More »