Insights

Navigating the AI Revolution: State of the Technology Today and Potential Future Trajectories

Artificial Intelligence (AI) is at a pivotal point, representing a potential “platform shift” more significant than the technological advances of the last 50 years with profound economic, societal, and geopolitical consequences. As investors navigate the flood of AI news, it is helpful to remember that a new technology’s impact is typically overestimated in the short […]

July 2025

Navigating the AI Revolution: Unlocking Productivity with AI Investment

Economic activity is fundamentally driven by the size of the labor force and the productivity of that labor. With working-age populations expected to stagnate or decline in many countries due to falling birth rates, future economic growth will increasingly depend on productivity improvements rather than workforce expansion. Yet, recent years have seen disappointing productivity gains, raising […]

July 2025

Navigating the AI Revolution: AI’s Far Reach in Shaping Asset Allocation Opportunities

Generative AI marks a pivotal moment in AI, with the 2022 public release of OpenAI’s ChatGPT as a major milestone. As discussed in Part 1 of this three-part series, AI is a transformative technology paradigm that will continue to evolve over the next decade and beyond. While significant investment has fueled rapid growth in AI […]

July 2025

After a Blistering First Half of the Year, Can Non-US Equities Continue to Outperform US Peers?

Yes, we believe a combination of attractive valuations, a shifting macro and policy environment, and stretched US profitability will allow non-US equities to continue outperforming. The overvalued US dollar may also reduce the attractiveness of US assets to foreign investors while acting as a tailwind for USD investors allocating to foreign assets. During the first […]

July 2025

Market Response to US-Iran Escalation Limited So Far

Last weekend, the United States conducted airstrikes on three of Iran’s principal nuclear facilities—Fordow, Natanz, and Isfahan. This marked a further escalation in Middle East tensions, which had already intensified after Israel began airstrikes on Iran on June 13. In response, Iran has now directly targeted US interests, launching missiles at US bases in Iraq […]

June 2025

New Taxes on Endowments and Foundations? Four Steps to Take Now

New tax provisions in legislation recently passed by the US House of Representatives (the House Bill) would impose millions of dollars of new costs on many colleges, universities, and private foundations, if enacted. We recommend four steps nonprofit organizations can consider right now, without being too hasty, to ensure they are well-prepared and responsive should […]

June 2025

Portfolio Construction: A Blueprint for Private Families

Private investors and wealthy families face distinct portfolio management complexities. Our latest paper details how we build and manage portfolios to meet each private client’s long-term goals.

June 2025

Do Fiscal Concerns Undermine the Role of US Treasury Securities as Core Portfolio Diversifiers?

No. US Treasury securities are likely to remain among the most effective diversifiers during periods of equity market stress. While US fiscal and policy concerns have contributed to recent volatility, the attractive attributes of US Treasury securities should sustain global demand and support their central role in multi-asset portfolios. However, no single asset is a […]

May 2025