Defining Moments in History 

Anyone who remembers the joy of visiting airports in the pre-9/11 era knows how drastic security changes affect today’s flying experience. The Great Financial Crisis, another defining moment in history, was a catalyst for altering the customer experience throughout the mortgage application process. And more recently, the global pandemic changed commuting patterns. Perhaps it’s a bit premature and overly dramatic to say a remake of global trade would be a defining moment, but nonetheless, it’s worth having a playbook as investors prepare for the much-anticipated presidential pre

Investors are often eager to see how the funds or managers they use (or are considering) have performed compared to indexes or peer groups over the trailing 3- and 5-years. It is understandable why investors want to own funds or managers with a record of outperformance. It is important to keep in mind that past performance does not guarantee future results. It is also important to question whether recent returns reflect the bigger picture. 

We believe investors are often too quick to conclude that a manager is “good” or “bad” based on whether or not it has beaten its benchmark for the trailing 3- or 5

Greener grass appears to be growing outside of the U.S. Attractive valuations, the prospect of easing global financial conditions coupled with fiscal support, and a drop in the U.S. dollar have been key catalysts behind the outperformance of international stocks this year. Concerns over slowing domestic growth, exacerbated by trade policy uncertainty and speculation over a peak in American exceptionalism, have further added to rotational pressures abroad.  

The landscape for America’s tech sector — the primary engine driving years of consistent U.S. outperformance — may also be changing. After years of

Vibecession 

If you believe the latest survey data, whether it’s from the Conference Board or from the University of Michigan, you would think the economy is on the cusp of a recession. Granted, the decline in confidence for both consumers and businesses is significant and not to be ignored. A change in feelings about the economic backdrop is often a harbinger of things to come and precedes a downshift in consumer spending and business investment.  

During periods of uncertainty, investors should look past the headlines and analyze the underlying components for important signals. For example, t