Higher borrowing costs and AI investment continue to shape markets. Our latest outlook explains why we’re looking beyond the AI theme for opportunities.
The Token Economy
AI is becoming part of the everyday cost of doing business. But as usage grows, the economics behind it are changing quickly
Our Senior Equity Analyst Richard Shih, CFA, looks at the emerging “Token Economy,” why a price war may be taking shape, and what falling AI costs could mean for companies and investors.
Sell America - or Buy The Dips
Q2 2026 Market Outlook
The first few months of 2026 have been bumpy for global markets, driven by a complicated mix of global tensions and economic news. Adding to this are concerns about the disruptive, and in some cases existential impact of artificial intelligence on certain business models. Specifically, the introduction of new AI driven tools has led to a material decline in the stocks of many established software companies.
Q1 2026 Market Outlook
The first few months of 2026 have been bumpy for global markets, driven by a complicated mix of global tensions and economic news. Adding to this are concerns about the disruptive, and in some cases existential impact of artificial intelligence on certain business models. Specifically, the introduction of new AI driven tools has led to a material decline in the stocks of many established software companies.
Round Tables and Why K is not OK
A very wise, thoughtful and exceptionally caring woman once told me “All dining tables should be round”. Puzzled, I asked her why? She responded matter-of-factly “because you can always squeeze in another body at a round table”. That spirit of inclusion has been lost to an overwhelming atmosphere of conflict and angst, resulting in a fragile economy that is top-heavy and brittle, propped up by a few while so many struggle. When we prioritize the well-being for the many rather than the luxury of the few, we create a more stable society and economy. We need to get back to the spirit of the round table, where everyone has a place.
Q4 2025 Market Outlook
Up, up, and away. The fourth quarter of 2025 extended a remarkable mid-decade run for global equities. While history has taught long-term investors to be pleased with average annual stock market returns of roughly 8–10%, the MSCI ACWI has delivered total returns in excess of 20% per year over the past three years—more than double what most would reasonably expect. This bull market has been fueled by a combination of factors: a resilient global economy, moderating inflation which allowed interest rates to move lower; a policy environment marked by tax relief and lighter regulation; a powerful surge in investment tied to artificial intelligence; and easing concerns around global trade and tariffs as the year progressed.