Weathering the Latest US Government Shutdown

The US federal government shut down overnight after the Senate failed to reach an agreement on funding government operations before the September 30 deadline. During a shutdown, “non-essential” federal agencies and programs that rely on annual discretionary appropriations must cease operations until funding is restored. Historically, shutdowns have been short-lived—averaging eight days—and have had negligible […]

October 2025

Advancing Healthcare Missions with Disciplined Spending

The new tax bill passed by Congress and signed into law in early July will have a financial impact on all healthcare systems and may require funds to be pulled from systems’ long-term investment pools (LTIPs). The recent federal Medicaid funding cuts will create financial challenges for healthcare systems, particularly those with high Medicaid exposure. […]

August 2025

Have Markets Moved Beyond Peak Tariff Uncertainty?

Yes, the period of greatest tariff uncertainty for global equity investors is likely behind us. Markets have gained increased clarity on the likely range of US tariff rates, and the most severe trade scenarios that were a real concern a few months ago now appear less probable. While tariffs will continue to contribute to equity […]

July 2025

Navigating the AI Revolution

July 2025

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

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