Overview of the trends and developments in the Agency MBS and Housing Markets.
Investors are debating whether generative AI will disrupt incumbent software companies. We believe the more compelling investment question may be different: Which organizations can harness AI to amplify human productivity?
Monthly Review - September was the month the global tightening cycle arrived. The Federal Reserve, the European Central Bank and the Bank of Japan all raised rates within nine days of each other, and developed-market government bond yields sold off sharply across most major markets and maturities.
The first wave of AI rewarded machines that could answer questions and complete virtual tasks. The next will reward AI that works in the physical world. As intelligence moves off the screen and onto the factory floor, the value at stake widens.
Global bond yields are rising, but most notably French government bonds.
For more than a decade, global equity portfolios have been dominated by the United States. And rightly so. U.S. companies delivered exceptional earnings growth, provided technology leadership and produced strong shareholder returns.
The term “alternative investments” is broad and, in our view, not particularly descriptive or useful.
