Commentary and Research Papers
August 19, 2025
2025
Sell in May and go away? Not this year. The market reacted positively to “revised” tariff demands and earnings results were better-than-feared. Small capitalization indices (and the Pinnacle SCV portfolio) are still down year-to-date, but the market had a good month. The portfolio was up strongly, benefiting from overall good earnings and, specifically, from a rebound in energy/AI/datacenter interest. We continue to believe that expectations for small capitalization value stocks remain (highly) muted.
Read MoreRead MoreWatch Now
Commentary and Research Papers
August 19, 2025
2025
The offshore drilling industry is entering a new phase. While energy investing has largely centered on shale over the last decade, the next wave of production growth is offshore — longer-cycle, capital-intensive, and increasingly economically viable given oil price trends. R. George Pickral’s latest interview with @Phil Rosen, Co-Founder of @Opening Bell Daily, takes a look at a capital-intensive energy stock that’s positioned for durable pricing power. Read more here (subscription required)
Read MoreRead MoreWatch NowCommentary and Research Papers
August 19, 2025
2025
Wines are interesting because some are best consumed immediately while others can go decades and improve with age. Given the constantly shifting market dynamics, this letter is like a wine that is best consumed immediately. We’re in the camp that the tariff proposals and inflationary pressures are hurting the economy in the second quarter and could cause a recession. Still, there are potential, albeit risky, glimmers of hope for the economy in the second half of the year, but the window of opportunity may be narrowing.
Read MoreRead MoreWatch NowCommentary and Research Papers
August 19, 2025
2025
Jack Bocock, Portfolio Manager on Pinnacle Associates’ Small Cap Value team, breaks down the powerful forces reshaping the global energy sector and what it means for investors in Pinnacle’s latest podcast. From the rapid rise of renewable energy and sustained momentum in natural gas, to the renewed focus on offshore drilling and oil’s surprising resilience, he offers insights into where the energy markets are headed. The interview is based on Pinnacle’s latest white paper, “Investing in the Energy Sector: Finding Opportunities in a Changing World,” and explores how investors can navigate volatility, identify hidden value, and capitalize on emerging trends across the energy spectrum.
Read MoreRead MoreWatch NowCommentary and Research Papers
August 19, 2025
2025
April was a historically tumultuous month in the financial markets. The month started off with President Trump’s “Liberation Day”, which saw the announcement of sweeping tariffs on imports from trading partners throughout the world. With some tariffs reaching as high as 145% (China), these would be the steepest US tariffs imposed in over 100 years.
Read MoreRead MoreWatch Now
Commentary and Research Papers
August 19, 2025
2025
The economic expansion finds itself surrounded by worried onlookers. Growth has stalled, risks are rising, and policymakers are debating their next move. The Trump administration’s executive orders to increase tariffs threaten to act as a fresh shock to an already vulnerable system. While some market voices are calling for prompt interest rate cuts to help cushion the economy, the Federal Reserve appears inclined to stay patient for now.
Read MoreRead MoreWatch Now
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.
