Commentary and Research Papers
July 22, 2026
2026
Markets spent much of the second quarter debating the usual subjects—rates, inflation, war, and the durability of the artificial intelligence trade. Our holdings, as ever, were busy with different questions: who qualified, who won, and who sold for how much. The Pinnacle Sports Portfolio returned +16.8% for the quarter, with the gains driven almost entirely by developments specific to the franchises themselves rather than anything the broader market supplied.
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July 13, 2026
2026
Stocks rebounded strongly in the second quarter, as a de-escalation in the Iran conflict led to a sharp fall in oil prices, providing a boost to investor’s outlook for inflation and the economy. The S&P 500 advanced +15.2% while small stocks outperformed, rising +21.5% as measured by the Russell 2000 Index. First quarter corporate earnings reports were exceptionally strong, with 85% of S&P 500 companies exceeding expectations, marking the highest percentage since 2021.
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July 13, 2026
2026
Stocks posted a mixed but mostly positive month in June, with most major U.S. indices finishing the first half of 2026 near record highs as investor confidence continued to improve. Markets benefited from easing geopolitical tensions in the Middle East, a sharp decline in oil prices from their first-quarter peaks, and continued evidence that the U.S. economy remained resilient despite higher interest rates. While investors continued to debate the Federal Reserve’s next policy move amid still-elevated inflation, stronger-than-expected labor market data, resilient consumer spending, and improving manufacturing activity reinforced expectations that the economic expansion would continue. As recession fears subsided, investors increasingly shifted their focus from macroeconomic risks back to corporate fundamentals and long-term earnings growth.
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Commentary and Research Papers
July 13, 2026
2026
The second quarter delivered an exceptionally strong rebound for equity markets, with U.S. stocks posting their best quarterly gains since 2020. While large-cap technology companies once again played a significant role in driving returns, market leadership broadened considerably. Small-cap stocks enjoyed one of their strongest quarters in years, while software companies recovered much of their first-quarter weakness. Strength also extended to several industrial and cyclical areas of the market. In contrast, energy, chemicals, utilities, and several consumer-oriented sectors lagged.
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July 10, 2026
2026
Last fall, we introduced readers to Trump Accounts, a new type of investment account created by the One Big Beautiful Bill Act ("OBBBA") to help children get an early start on building wealth. At the time, many of the implementation details were still being finalized and families could not yet open accounts.
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June 30, 2026
2026
United Parks & Resorts, operating under the SeaWorld and Busch Gardens brands, is a leading entertainment company with a dozen destination and regional theme parks grouped in key markets across the United States - most notably Texas, Virginia, Southern California, and Florida. The company offers a diverse array of rides, shows, and other attractions, but core to its offering is showcasing its one-of-a-kind zoological collection: Animal interactions anchor each theme park experience.
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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.
