Commentary and Research Papers
June 30, 2026
2026
The main use of nuclear energy is to provide grid electricity; nuclear power today accounts for nearly one-tenth of global electricity generation, and that pace is on the upswing: In 2024, nuclear reactors worldwide supplied a new record amount of electricity, eclipsing the previous peak set nearly two decades earlier. Nuclear output has risen across the globe and is being particularly driven by growth in Asia: China and India have made concerted efforts to increase their reliance on nuclear power, plus reactors have restarted in Japan.
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June 12, 2026
2026
Stocks extended their strong rebound in May, building on April’s gains as investors grew increasingly confident that the worst of the first-quarter geopolitical and inflation-related concerns had passed. Easing tensions in the Middle East, reduced volatility in energy markets, and continued signs of U.S. economic resilience helped improve sentiment. While oil prices remained elevated, calmer market conditions allowed investors to refocus on corporate fundamentals and economic growth.
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May 11, 2026
2026
April 2026 marked a powerful rebound in global equity markets, as sentiment shifted decisively from March’s risk-off tone to renewed optimism. The key catalyst was a de-escalation in Middle East tensions, including a temporary ceasefire involving Iran and the partial reopening of the Strait of Hormuz, which helped stabilize energy markets and reduce geopolitical uncertainty. As oil prices became less volatile, equities rallied sharply from their March lows, with major U.S. indices quickly recovering and, in many cases, approaching or reaching new highs.
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May 4, 2026
2026
April was another volatile month for equities. Earnings season is in full-swing, and we have seen increased dispersion among equities. We’ve seen some stocks go up on strong prints and raised guidance, but we’ve also seen stocks stay flat or decline on similar news. We’re not trying to call an end, or even the end of the beginning of the Artificial Intelligence (AI) investment cycle, but it does appear to us that investors are becoming more cognizant of current value versus future earnings and cash flows.
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April 29, 2026
2026
Global markets traded unevenly during the period as escalating geopolitical tensions with Iran evolved into open conflict, prompting several broad market indices to decline more than 10% from recent highs. While certain companies within the Sports Portfolio with direct exposure to the Middle East experienced near-term disruption, our U.S.-based sports franchise holdings were largely insulated from these developments, as expected.
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April 21, 2026
2026
As if rapid technological obsolescence caused by Artificial Intelligence (AI) and private credit problems weren’t enough to worry about, investors now face new and perhaps permanent uncertainties in the Middle East. The outcome of these concerns is very difficult to foresee. However, this type of investing environment often reveals value and can increase the utility of picking individual stocks.
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