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Investment Letter | July 2026
Neil Rose, CFA on investing, July 2026: cognitive dissonance at record highs, the case for TIPS, and finding hidden tech in wide-moat businesses. Wealth management needs a framework.
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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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