The AI Honeymoon is Over…Welcome to the AI Marriage

The AI Honeymoon is Over… Welcome to the AI Marriage It was a roller coaster week and the first market indication that the hard part of AI is beginning now. We stole our title from Open Field Capital’s most recent memo on AI, signaling that the easy money has been made, and the hard work must […]
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The Penny Finally Succumbs to Inflation

Inflation Wins, The Penny Loses The old saying “It’s not worth a penny” implied that something was worthless. I guess even a penny isn’t worth a penny anymore. This week marked the end of an era when production of the penny (which costs four cents to make) ceased production permanently. The penny is still legal […]
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Cracks Appearing

Cracks Appearing The stock market bucked the historical trend in October, rising 2.7% in one of the worst months for stock market performance (the 1929 crash, the 1987 crash, etc.) However, the market has been unable to maintain the good vibes into November, which is historically one of the best months for stocks. Go figure! […]
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Playing With Fire

Playing With Fire Halloween is meant to be a scary night, but not as scary as the impending cessation of many social programs resulting from the government shutdown. Short government shutdowns are generally just a matter of political gamesmanship and last only a few days. Longer shutdowns create real problems, for real people, and we […]
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Understanding Bonds, Debt & Inflation: A Conversation with Lisa Hornby

Click Here to view our Podcast. This week, Phil sits down with Lisa Hornby, Fixed Income Strategist at Schroders, for a timely conversation on the state of the bond market. They discuss how yields influence future returns, the growing concerns around deficits and national debt, and why inflation continues to play a critical role in […]
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LLM End Game

LLM End Game In her book “Technological Revolutions and Financial Capital,” economist Carlota Perez explains the life cycle of great surges of economic development, such as the Industrial Revolution; the age of Mass Production; or the Information Age (internet). Each evolves in a cycle beginning with some defining event that pushes technology onto center stage, […]
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Will Gold Continue to Glitter?

Will Gold Continue to Glitter? All the talk these days seems to be about the dominance of AI stocks in the stock market, but they aren’t the only game in town. Thus far in 2025, gold has outperformed Nvidia and the hyperscalers, climbing above $4,300/oz. this week, and gold remains the top performing asset class […]
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