Research & News
Asset Allocation Bi-Weekly – The Consensus Builder (April 27, 2026)
by Thomas Wash | PDF You never really appreciate a good thing until it’s gone. May 15 will be the final day in office for Federal Reserve Chair Jerome Powell, one of the most effective consensus builders in Fed history. Despite an extraordinary series of shocks during his tenure — from the 2019 repo market… Read More »
Daily Comment (April 24, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens by examining early evidence that AI is beginning to reshape labor markets in select sectors. We then turn to Spirit Airlines and how its distress could serve as a gauge of how the US might respond if the war… Read More »
Daily Comment (April 23, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with a discussion of the recent chipmaker market rally. We then assess the dollar’s reserve‑currency status in light of its increased usage following the conflict in Iran. Next, we examine the US bailout of Spirit Airlines, Washington’s growing reliance… Read More »
Keller Quarterly (April 2026)
Letter to Investors | PDF When writing the January quarterly letter, we didn’t expect that the next letter would be about the effects of war on financial markets, yet that’s where we are. The air attacks on Iran by a joint US-Israel force on February 28 took the world by surprise and have dominated financial… Read More »
Daily Comment (April 22, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our takeaways from the Senate hearing for the Federal Reserve chair confirmation. We then update the situation in Iran, emphasizing our concerns that the extended truce remains fragile. Next, we discuss the reported unauthorized access to a powerful… Read More »
Daily Comment (April 21, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with an update on the war in Iran, where it remains unclear whether a new round of US-Iran peace talks will be held this week. We next review several other international and US developments that could affect the… Read More »
Bi-Weekly Geopolitical Report – The War in Iran and the End of US Hegemony (April 20, 2026)
by Patrick Fearon-Hernandez, CFA | PDF In a Bi-Weekly Geopolitical Report late last year, we argued that the 2025 trade dispute between the United States and China revealed just how dramatically Beijing has increased its comprehensive power — military, political, economic, and technological. We argued that China’s comprehensive power may now rival or even surpass… Read More »
Daily Comment (April 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 war in Iran, where the US has seized an Iranian-flagged container ship, and the Iranians say they have again stopped traffic through the Strait of Hormuz. We next review several other international and… Read More »