Commentary

Could Policy Deregulation and Tariffs Rewire the U.S. Debt Path?

by Adam Steffanus, CFA on July 23, 2025

Regulations mostly decreased under Republican presidents in the modern era. History suggests that Republican administrations often pursue deregulation, and this can influence productivity over time. For example, the Reagan administration implemented broad deregulation across multiple …

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Deficit Spending Helped Juice U.S. Equities. Will it Continue?

by Adam Steffanus, CFA on July 23, 2025

Federal deficit spending was a likely catalyst for U.S. equity markets. We think federal deficit spending has played a significant role in supporting U.S. equities over the past 15 years. Prior to the Global Financial Crisis (GFC), federal deficits typically averaged around 2.3% of GD …

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Select Dividend Q2 2025 Investor Letter

by Adam Steffanus, CFA on July 08, 2025

Running from one side of the ship to the other Heading into 2025, investors were fairly blasé about President Donald Trump’s tariff threats assuming they were largely a negotiating ploy. We took the president at his word and assumed tariffs would be higher than what most investors exp …

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