Investments
Nvidia’s Earnings Cap A Stellar Summer
Nvidia and I have at least one thing in common: a stellar summer of 2025. I was fortunate enough to take a sabbatical and travel for several weeks. Meanwhile, Nvidia added roughly $1.2 trillion in market cap since May 23rd (the last close before Memorial Day) through yesterday’s close (FactSet data). Those are fairly comparable …
Blake Anderson
August 28, 2025
10 Takeaways From Our Conversation With Cliff Asness
Ryan Detrick and I just celebrated recording our 150th episode of Facts vs Feelings. It’s been three years since we got started and we want to thank you all wholeheartedly for the amazing support. Our listens and views have been growing, and we’ve had a lot of fun along the way, including having some amazing …
Sonu Varghese
August 27, 2025
The Fed Has an Inflation Problem
In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, welcome back legendary investor Cliff Asness, Co-Founding Partner, Managing Principal, and Chief Investment Officer of AQR Capital Management. From market bubbles and speculative manias to AI-driven strategies and even Superman movies, this milestone 150th episode …
Ryan Detrick
August 27, 2025
Why Friday Could Be A Historically Bullish Trigger
“I know one thing, that I know nothing.” Socrates The S&P 500 was down five days in a row heading into Friday of last week, although the losses were fairly minor with only one day down more than 0.5% (and that one barely). Then Jerome Powell opened the door for a rate cut in …
Ryan Detrick
August 26, 2025
Powell Opens the Door to Rate Cuts
Federal Reserve (Fed) Chair Jerome Powell’s speech at Jackson Hole was the event of the week and with good reason, as investors expected it to signal the direction of monetary policy over the coming months, especially whether the Fed would hold or cut rates at their next meeting in September. And it does at least …
Sonu Varghese
August 25, 2025
What Happens When The Fed Waits A Long Time Between Cuts?
“The waiting is the hardest part.” — Tom Petty Today is the annual Jackson Hole Economic Policy Symposium and with it will likely come a good deal of media fare and potential volatility. This time a week ago we were looking at more than an 85% chance of a Federal Reserve Bank (Fed) cut next month, …
Ryan Detrick
August 22, 2025
Mid-Year Earnings Recap
Nearly all S&P 500 companies have reported earnings for the second quarter of 2025, with the notable exception of Nvidia, which we will cover in detail next week. Spoiler alert: earnings results were quite solid despite the uncertainties. A.I. companies shined, particularly in the “Mag 7” (as we discuss here and here), but there were …
Grant Engelbart
August 20, 2025
The Fed Has an Inflation Problem
In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, break down the latest market moves, the outlook for rate cuts, and what the data is really telling us about inflation and growth. From cooling economic numbers to investor sentiment, this week’s conversation highlights why …
Ryan Detrick
August 20, 2025
Will The Fed Really Cut Rates With Stocks Near New Highs?
“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it,” Ferris Bueller The bull market continues, but there are some potential small cracks forming. We will get to all of that, but what has amazed me is three weeks ago we were told there would be …
Ryan Detrick
August 19, 2025
Microsoft Further Exceeds a Higher Bar
Microsoft’s latest quarterly earnings report revealed that the company’s AI offerings are powering growth beyond what the company expected. Azure, Microsoft’s cloud computing business, continues to exceed expectations and post accelerating revenue growth rates. Many “AI-native” companies, including OpenAI, rely on Azure’s unique product portfolio to help train and advance their offerings. By providing the …
Blake Anderson
August 18, 2025
How We Make Room for Gold in Our Strategic Allocation Portfolios
In my previous blog, I discussed our longer-term strategic outlook, the core of which is that we remain optimistic about globally diversified equities. But even beyond equities, our view is that: Inflation will be volatile going forward. This doesn’t mean average inflation will be much higher than 2%, but we’ll see more volatility. The Fed …
Sonu Varghese
August 15, 2025
Gold Is Shiny Enough for a Strategic Portfolio Allocation
We’ve made no secret for our love for the shiny object over the last two and half years (and not just because my name is derived from the Hindi word “sona,” which means gold). I wrote about gold as a crisis hedge back in March 2023, amid the Silicon Valley Bank Crisis. We were amongst …
Sonu Varghese
August 14, 2025