Punching Above Their Weight

Punching Above Their Weight The first half of 2026 was marked by highly unusual circumstances. Stocks representing less than 1% of the S&P 500 market value were responsible for 24% of the 8.3% index return in the first half of 2026. The question now is whether these are the next new growth stocks or just […]
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We Hold These Truths…

(Please note that the spelling and punctuation reflects the original document.) In Congress, July 4, 1776 The unanimous Declaration of the thirteen united States of America, When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the […]
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Leverage Cuts Both Ways

Leverage Cuts Both Ways The surge in US stocks has relied heavily on leverage, leaving the market at risk if artificial intelligence optimism fades. Recent S&P 500 growth stems from investors rushing into top-performing AI hardware companies. Speculators are using aggressive tactics like call options and leveraged ETFs to gain additional exposure. These speculative trading […]
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SpaceX: Patience is a Virtue

SpaceX: Patience is a Virtue Investing in SpaceX at its current market price presents a high-stakes trade-off between securing a piece of what could become a generational technology platform and paying an unprecedented valuation premium. Is this the deal of the century, or is it mass speculation? The company is certainly on the leading edge […]
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Could AI be Hitting a Wall?

Could AI Be Hitting a Wall? AI development and usage are growing with lightning speed, but the cost of producing AI is beginning to bump up against customers’ willingness to spend. AI leadership has migrated over the last few years as hyperscalers (Microsoft, Google, OpenAI, etc.) have released new AI models. In a nascent but […]
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Supply Shock

Supply Shock If you think this is another story about oil, you are mistaken. The law of supply and demand works throughout any free economy. It states that less supply should result in higher prices, other factors being equal. This is certainly true for oil, as we have recently experienced, but the same dynamic applies […]
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The Market Is Trading on Fundamentals, Not Speculation

The Market Is Trading on Fundamentals, Not Speculation There’s a narrative circulating that today’s stock market resembles the late 1990s dot-com bubble. While there are similarities surrounding excitement over artificial intelligence, the underlying market fundamentals tell a very different story. This market is not being driven purely by speculation. It is being driven by earnings. […]
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