Interest rates have been at the top of mind for investors over the past few months, and for good reason. Here in the U.S., high levels of government debt, geopolitical uncertainty, shifting economic conditions, and increasing competition from AI-driven investments have all contributed to a notable rise in Treasury yields.

This rising rate environment has served as a headwind for fixed income markets, with most core bond sectors showing losses for the year following sell-offs in September. While the factors behind the recent rise in rates and bond market volatility are understandable, the choppy ride for fixed income returns has s

One of the more interesting developments in the bond market last week, in our view, had less to do with the news itself and more to do with how the markets reacted to it.

My colleagues and I often talk about “news failures” or “news reversals.” These occur when a market receives a piece of information that should, at least on the surface, push prices decisively in one direction, but then either fails to respond as expected or initially moves the way everyone expects before abruptly reversing course. These types of reactions can be important because markets also trade on expectations, positioning, and suppl

Meta’s September launch of Muse, a personal artificial intelligence (AI) agent designed to act on a user’s behalf across digital workflows, crystallized the market’s latest disruption narrative. If AI can make consumer switching easier, which business models are truly protected by moats and which are merely monetizing friction? While we are skeptical that AI agents will disrupt businesses whose moats were earned through differentiated products, services, or brands, we do see potential disruption risk for businesses that largely benefit from consumer inertia, like forgetting to cancel subscriptions or not wanting to spend tim

In this month’s edition of the Equity Research team’s flagship “Beyond the Numbers” publication, we discuss the potential threat that personal artificial intelligence (AI) agents, like Meta Platforms’ (META) recently released Muse, pose for consumer facing online businesses. In the note, we touch upon how markets got it wrong with a similar narrative earlier this year. In today’s market article, we dive deeper into what happened and what can be learned from the “SaaSpocalypse”.

Markets are forward-looking, but they are not always patient. Earlier this year, investors rapidly embrace