What Did We See? Where Do We Stand? The fourth quarter of 2025 capped a year in which markets and the broader economy repeatedly defied consensus expectations. Despite tariffs, fiscal expansion, and a series of unorthodox policy interventions from Washington,
What Did We See? Where Do We Stand? Patient investors were rewarded with a calmer and better third quarter after suffering through the market volatility we saw in the first half of 2025. Despite those volatile markets earlier in the
What Did We See? Where Do We Stand? The second quarter of 2025 saw significant volatility that pulled markets down to multi-quarter lows and then all the way up to all-time highs. Tariff policy uncertainty and war in the Middle
What Did We See? Where Do We Stand? As the U.S. Economy looks to separate itself from the rest of the world through tariffs and deportations, the markets reacted with volatility and a drop in equity prices. The S&P 500
What Did We See? Where Do We Stand? Here in San Francisco we have a nickname for our beloved fog. We call it “Karl the Fog”. Karl is a symbol of the city’s resilience and adaptive nature. The name is
What Did We See? Where Do We Stand? With another quarter of healthy returns under investor’s belts the spectre of a soft landing for the U.S. (and Global) economies is now closer to reality. However, this soft landing scenario has
What Did We See? Where Do We Stand? In the face of continued reductions of the number of rate cuts coming in 2024, the US market showed remarkable resilience in the second quarter. Ongoing optimism around the health of the
What Did We See? Where Do We Stand? The debate over a hard landing or a soft landing for the US economy has been an obsession of market pundits for some time now. Is economic growth going to hold up
What Did We See? Where Do We Stand? The stock market finished 2023 with a very strong rally that surprised even the most bullish of investors. The Federal Reserve held their last meeting of 2023 during the quarter, holding rates
What Did We See? Where Do We Stand? The third quarter of 2023 proved to be a bit of a reality check for investors as both Bond and Stock markets fell. Economic data was a major driver of the moves