Mitigating Volatility REITs won in February. As blind enthusiasm for everything AI evolved into a sober consideration of Return on Invested Capital (ROIC), investors began recycling funds from nose-bleed tech valuations into bread-and-butter staple valuations,...

Capturing Market Rotation in 3D

The shiny investments have lost some luster here at the start of 2026. With Bitcoin trading at roughly half its earlier highs, crypto no longer looks like a sure thing.

Looking Back to Gain a Better Look Forward

As a matter of housekeeping, every fall investors work to prudently minimize their tax liabilities by washing their current year realized gains by “harvesting” tax losses with the sale of assets that have declined in market value. Unfortunately, the stocks we see as having the most potential are often the best tax-loss sale candidates. To mitigate this conflict and stay fully invested, we need to identify issues that have a chance of producing similar upside as the issues we are selling.

A Time for Continued Patience when Impatience Steps to the Fore

On December 17th, the Fed delivered its third rate cut of 2025. Frustratingly, the 10Y Treasury yield remains stuck above 4%, so the long-awaited macroeconomic relief that real estate investors feel they need has yet to arrive. We’ve been so patient, too.