Why AI Won't Kill Jobs or Prices
The dominant narrative around AI assumes two things: it will eliminate jobs, and it will be deflationary. Both may be backwards.
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Aug 6, 2026
Floor, Not Ceiling
The 10-year Treasury yield finished July at 4.75%,before easing to 4.65% as tensions with Iran cooled. But the daily volatility is hiding a longer-term move higher. Duration is the enemy, floating rate is the friend, and patience beats a rush to deploy into vintages that have not repriced.
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Jul 28, 2026
The Ladder Public Investors Never Got to Climb
In 2015, Google and Fidelity wrote SpaceX a $1 billion check at a $12 billion valuation. There was no way to buy a share of it on an exchange. Private equity is not an "alternative" in the traditional sense. It has become the primary venue for the part of the economy creating new value
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Jul 9, 2026
Positioning for the Overheat
The economy is not late. It is hot. On the Investment Clock the hand sits in the overheat quadrant, where growth runs solid and inflation runs right alongside it. That combination decides how capital gets deployed in the second half.
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