INSIGHTS

November 2, 2025 3Q25 HIGHLIGHTS                                                                      Investor sentiment toward risk-taking remained strong in the third quarter of 2025, with momentum accelerating across some asset classes. U.S. Small Cap equities led domestic markets, advancing +9.11%, nearly doubling their +4.90% gain in 2Q25. Emerging Markets equities also delivered robust performance (+10.95%), while Gold was the standout asset, surging +16.4% to close at

2Q25 HIGHLIGHTS   Risk taking returned with a vengeance in the 2 nd quarter after the Liberation Day  sell off in early April provided...

May 28, 2025 1Q25 HIGHLIGHTS   Although this letter is for reviewing 1Q25, the month of April was more impactful and so we will focus on...

January 15, 2024 4Q24 Highlights   In one of the most counter intuitive market actions observed lately, interest rates spiked materially...