Investments

The Investment Policy Committee has finalized the Favorite Fifteen chart pack for October 2026. The U.S. economy remains strong despite persistent inflation, elevated interest rates, and geopolitical uncertainty. Our base case anticipates a “Goldilocks-like” environment through year-end, supported by resilient consumer spending, substantial investment in artificial intelligence, and strong corporate profits. We expect real GDP […]

Aging populations and expanding access are driving decades of healthcare demand, while labor and financial constraints are making it harder for the system to deliver more care. Executive Summary Healthcare at a Capacity Inflection Healthcare demand is rising faster than the system’s capacity to deliver care. People are living longer and spending more of those […]

The Investment Policy Committee has finalized the quarterly Favorite Fifteen chart pack. Below please find the link to the slides for July 2026. The broad economic backdrop remains constructive, but the balance of risks has changed. Our base case continues to anticipate a Goldilocks-like environment through the third quarter, supported by firm U.S. growth, a […]

Physical infrastructure, manufacturing capacity, power systems, and defense production are re-emerging as secular growth drivers. Executive Summary The New Industrial Capital Cycle After a long period favoring asset-light models – software, platforms, and outsourced supply chains – companies and governments are reinvesting in the physical economy: factories, power systems, data centers, logistics networks, aerospace capacity, […]

Energy Has Become Top of Mind Right Now Recent events in the Middle East have brought energy back to the forefront for investors and consumers. The war in Iran has renewed concerns around supply disruptions, shipping routes, and fuel prices. Before this, the war in Ukraine had already demonstrated how vulnerable global energy systems can […]

The Investment Policy Committee has finalized the quarterly Favorite Fifteen chart pack. Below please find the link to the slides for April 2026. As we move further into 2026, the broad macro backdrop remains constructive, though not without several important challenges. Our base case continues to anticipate a “Goldilocks-like” environment, characterized by decelerating but still […]

Introduction: The Dawn Of A New Industrial Revolution Artificial Intelligence (AI) is driving the most significant capital investment cycle of the modern era. Infrastructure spending is accelerating, while the rise of agentic AI—systems capable of autonomous decision-making and task execution—is beginning to reshape software development and the nature of knowledge work. While AI promises transformative […]

The Investment Policy Committee has finalized the Favorite Fifteen chart pack. Below please find the link to the slides for January 2026. To start the year, we want to reiterate our outlook from the end of 2025. Our base case anticipates a “Goldilocks-like” environment extending into the first half of 2026, characterized by decelerating but […]

The Investment Policy Committee has finalized this month’s Favorite Fifteen chart pack. Below please find the link to the slides for December 2025. As is customary at year-end, we reflect on the year behind us and assess the path forward. 2025 was a year defined by elevated uncertainty. Policy volatility, particularly in the first half […]