Our goal for Investment Perspectives is for it to be one of the ways that we communicate our thinking (past and present) to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts or questions.
Latest Investment Perspectives
“The investor’s chief problem, and even his worst enemy, is likely to be himself.”
– Benjamin Graham
Energy, the Hidden Cost of Illiquidity, and Why Patience Compounds
As we move through 2026, markets are navigating a confluence of disruptions that would have seemed implausible even a year ago. An active military conflict has closed the Strait of Hormuz to normal commerce, pushing energy prices to levels that challenge the narrative of American energy independence. Equity markets have oscillated sharply with each new development. And after a decade of relentless growth, private credit and alternative investment vehicles are drawing more attention from both financial media and individual investors than at any point in the asset class’s history.
Against this backdrop, this quarter’s Investment Perspectives explores three themes. First, how the Gulf conflict has exposed the practical limits of US energy independence and what it means for portfolios. Second, why the historical evidence argues so consistently for staying invested through volatility, and what behavioral finance tells us about why that remains so hard in practice. And third, what the rapid growth of private credit and alternatives means for investors who may be wondering whether they are missing something, and why we believe liquidity and quality remain more valuable today than they may appear. Though distinct in subject, these themes share a common thread: each rewards investors who can separate narrative from evidence, and who possess the temperament to act on that distinction over a full market cycle.