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Investment Letter | April 2026
2026 has already delivered two major inflection points: a generational leap in AI capability and the U.S.-Iran war. In this investment letter, Neil Rose shares why Regency Capital remains defense-first and breaks down what the Iran conflict means for oil, markets, and our current portfolio positioning.
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Five Years After the Bond Bubble
Nearly five years ago, bond yields dropped to levels never seen in the thousands of years humans have been lending to one another. The shortest maturity fixed-income securities yielded virtually zero in the U.S. and less than zero in Europe and Japan.
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Investment Letter
Returns this year have been kinder than I would have expected given our rather conservative positioning. Stock allocations have been lower than usual, with little in information technology and internet-related stocks, two areas that have accounted for the lion’s share of the stock market’s returns in recent years.
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