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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AI Ascendancy

AI Ascendancy From an economic perspective, the promise of artificial intelligence has been the ability to increase productivity following a decade or more of very low productivity growth. What is productivity? Productivity is critical to economic growth because it allows the economy to produce more goods and services with the same, or even less, resources. […]
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Is the Party Ending?

Is the Party Ending? The stock market experienced a period of intense volatility early this week as a rotation away from the previously dominant AI/technology and growth stock themes gained momentum. The early signs of this began in late 2025 but kicked into high gear this week. Thursday saw a quick change as the stock […]
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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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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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How AI Is Transforming M&A?

In this week’s episode, Phil sits down with Andrew Aw, a seasoned finance and strategy executive turned co-founder and CFO of a venture-backed fintech startup that’s transforming the M&A world with artificial intelligence.
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The U.S. Labor Market at a Crossroads

The U.S. Labor Market at a Crossroads The Fed has begun easing policy with modest rate cuts—25 basis points last year and another 25 this week. While these moves can gradually lower borrowing costs and support demand, their effect on job creation is uncertain. Structural challenges, such as a growing skills gap, an aging workforce, […]
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