Momentum in the Markets: The S&P 500’s Sustained Earnings Growth
Despite recent geopolitical headwinds, the S&P 500 has demonstrated remarkable resilience, officially recording five consecutive quarters of double-digit earnings growth as of Q4 2025.
The One Variable Market: Why Duration Trumps Price
Managing risk in the current environment is uniquely challenging because traditional frameworks—like valuation, sentiment, and economic fundamentals—have taken a backseat to a single dominant variable: the price of oil. In this “One Variable Market,” an exogenous shock creates high correlations, making energy the primary driver of both risk and leadership.