Commentary and Research Papers
March 13, 2026
2026
The rapidly expanding influence (power) of Artificial intelligence (AI) and its effects on the economy continue to create market volatility. While the outcome remains uncertain, the market is trying to discern winners and losers. We believe this environment could favor non-technology, “old world economy” companies, especially small capitalization value stocks. These stocks could be a beneficiary of AI efficiency improvements and offer potential safe havens which are not susceptible to AI disruption.
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March 13, 2026
2026
Over the past two decades, the Cambridge Associates Private Equity Index has beaten public equity benchmarks by a wide margin. But, as the saying goes, past performance is no guarantee of future returns. Today’s private equity offerings for retail investors are distinguished by high fees, questionable liquidity, redemption pressures, and elevated valuations.
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March 6, 2026
2026
U.S. equity markets experienced a choppy and rotational month in February, shaped by shifting sector leadership, mixed economic data, and renewed geopolitical and inflation concerns. Early in the month, equities extended the strength seen in January, supported by cooling inflation reports and solid consumer spending and retail sales data. However, volatility increased as concerns about AI-driven disruption spread across industries, with several media reports highlighting the potential for artificial intelligence to displace portions of the labor force.
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February 19, 2026
2026
From the beginning, our thesis has been simple. Sports is a scarce, global asset class with durable economics that sit meaningfully outside traditional market cycles and the assets themselves are largely uncorrelated with conventional drivers of equity returns. As a result, performance will at times look different from broad indices. That divergence is not a risk we seek to eliminate; it is a feature we expect to live with patiently.
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February 11, 2026
2026
U.S. equities delivered a generally positive start to 2026, with major indexes ending January modestly higher. Stock prices were supported by strong economic data enhanced by fiscal stimulus, expectations for modest monetary policy easing from the Federal Reserve, and inflation readings that continued to trend favorably. The boom in artificial intelligence (AI) spending continues, although concerns rose late in the month regarding OpenAI’s massive spending plans, which rely upon external sources of financing that may not be fully secured.
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February 10, 2026
2026
January saw a broadening of performance for the Pinnacle Small Capitalization Value portfolio. We used the strength in AI-related stocks this month to reduce our exposure, both direct and indirect, to the space. We believe a lot of good news and expectations are being priced into these stocks, and we do not want to be overexposed to one (very popular) part of the economy.
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Founded in 1984, Pinnacle Associates, Ltd. is a forward thinking, multi-billion dollar investment advisory firm focused on transparency and putting clients first. We provide advice to individuals and families, institutional investors and other financial institutions.
