Commentary

A Riskier World May Call for More Equities, Not Less.

by Adam Steffanus, CFA on July 23, 2026

A Riskier World May Call for More Equities, Not Less.

The standard hedge is working less reliably just as shocks grow more frequent. "\n Macroeconomic shocks appear to be arriving more often, highlighted by 65 armed conflicts involving a state in 2025 – the highest level since World War II. Layer on toxic trade politics, rising governmen …

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Strategies: Select Dividend

Select Dividend Q2 2026 Investor Letter

by Adam Steffanus, CFA on July 16, 2026

Select Dividend Q2 2026 Investor Letter

We Interrupt This War with a Bubble The last 12 months might be the best example of how investors constantly run from one side of the ship to the other. We ping ponged from AI bubble to high inflation to surprise war and back to the AI bubble in four quarterly narratives. Do investors …

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Strategies: Select Dividend

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