Markets Economy
U.S. Debt Has Passed $40 Trillion. What It Means for Long-Term Investors
The federal debt is growing faster than the economy that supports it. Here is what it means for your portfolio.
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What Is a Neocloud, and Why Is Wall Street Suddenly Nervous About Them?
The AI boom's most leveraged companies carry heavy debt against fixed-price contracts. A lesson from the last bubble on why…
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Inside Our Model Portfolios: The Multifactor 60/40
How the portfolio is built, and how it held up in Q3 2026
Long Term Perspective
Profits Drive Prices: 98 Years of S&P 500 Earnings
Earnings are the magnet that has pulled stock prices higher over the long term.
Market Commentary
Forecasters Predict Because They're Asked
The most respected pollster in Iowa missed by 16 points. After 40 years in markets, I've stopped expecting forecasts to…
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Inside Our Model Portfolios: The Tax Aware 60/40
How the portfolio is built, and how it held up in Q3 2026
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The Investment Insights Archive: Every Article, Organized by Topic
Principle-based investing for long-term investors: Quick links to our Substack articles. Our fund research reports, model portfolios and more are…
Market Commentary
You Can't Predict Interest Rates, but You Can Prepare for Them
Eleven times since 1928 the 10-year yield rose a point or more in a year. Where it started decided how…
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Inside Our Model Portfolios: The Passive 60/40
How the portfolio is built, and how it held up in Q3 2026
Market Commentary
Monthly Market Commentary | October 1, 2026
The Bond Market Paid for September
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Inside the Portfolios: Stocks Our Managers Are Buying
A quarterly look inside the funds that meet our high standards. For research and education, not a shopping list.
Market Commentary
Why Thematic ETFs Underperform: What the Evidence Actually Shows
Amateurs listen to stories. Professionals follow the evidence.