Research & News
Keller Quarterly (October 2026)
Letter to Investors | PDF If you’ve read any of my previous letters, you’ve heard this phrase before: “a professional investor is a professional worrier.” The same can be said of individual investors, many of whom worry as much as professionals. What is critically important, however, is that we worry about the right things. The… Read More »
Daily Comment (October 21, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with a look at the White House’s efforts to resolve global conflicts. We then turn to AI, examining why SpaceX’s earnings have lifted sentiment around the AI trade. Next, we briefly discuss Germany’s debate over nationalizing landlord assets and… Read More »
Daily Comment (October 20, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Today’s Comment opens with our analysis of Friedrich Merz’s warning regarding Russia. We then turn to AI, examining what the weak IPO of a South Korean cloud computing company reveals about the current AI boom. Next, we discuss post-midterm concerns surrounding defense… Read More »
Daily Comment (October 19, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with the latest on the war in Iran, as Iran-backed Houthi rebels in Yemen have again staged missile attacks on Saudi Arabian energy facilities. We next review several other international and US developments that could affect the financial markets… Read More »
Asset Allocation Bi-Weekly – The Euro vs. the Swiss Franc (October 19, 2026)
by Patrick Fearon-Hernandez, CFA | PDF While investors in the United States have been understandably focused on the jump in US bond yields this autumn, it’s important to remember that yields have risen in most major foreign countries. Like other observers, we see many potential reasons for the run-up in rates, including concerns about higher… Read More »
Daily Comment (October 16, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our thoughts on rising concerns about the AI buildout. We then turn to geopolitics, examining the US’s potential decision to relax sanctions in response to growing voter pushback. Next, we briefly cover a bill to tax data centers,… Read More »
Daily Comment (October 15, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with our thoughts on speculative AI debt. Next, we discuss growing signs that inflationary pressure is building in the economy. We then briefly cover the new ways that hyperscalers are getting communities to sign off on data centers, as… Read More »
Daily Comment (October 14, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with an update on the escalating conflict in the Middle East, particularly as Saudi Arabia becomes more deeply involved. Next, we discuss how Fed officials continue to keep forward guidance alive even as the Fed chair tries to do… Read More »