Executive Summary On February 28, the United States and Israel launched a joint military operation against Iran (Operation Epic Fury), targeting nuclear facilities, missile sites, and regime leadership. Iran’s Supreme Leader Ayatollah Ali Khamenei was killed in the strikes. [1]   Iran has retaliated with missile and drone attacks against Israel and U.S. military bases across the Gulf region, including targets in Qatar, Kuwait, Saudi Arabia, and the UAE.  Seven U.S. service members have been...

Executive Summary Over the past few years, interest in artificial intelligence (AI) has driven the growth of a handful of US technology companies to dizzying heights. At the same time, investments in passive, market-capitalized index funds have continued to grow, creating a self-reinforcing flywheel that pushes even more money into the largest companies. Society mirrors the wealth concentration we see in markets today, leading to what has been described as a “K-shaped” economy – one that...

Executive Summary After a strong 2025 calendar year for most asset classes, the new year began on a positive note despite some volatility mid-month. The rotational trade away from large US technology stocks toward some of the less-loved parts of the market, such as biotechnology, dividend-oriented, and non-US stocks, continued. The Federal Reserve (Fed) decided to leave interest rates unchanged at its January meeting; however, the more important news was President Trump’s nomination of Kevin...