The Yen, Gold and the Coming Yield Shock

September 6, 2026 Executive Summary The market continues to view the Strait of Hormuz primarily through the lens of oil prices, inflation and gasoline. We believe that framework may underestimate the more consequential second-order risk. The United States is far less directly dependent on Persian Gulf oil than it

Artificial intelligence is usually discussed as a technology story. Markets are treating it as a technology trade. Both frameworks are becoming inadequate. AI is evolving into something much larger: a new architecture for capital formation, industrial capacity, geopolitical power, productivity, and ultimately financial markets themselves. The most important question for

For nearly three decades, investors have compartmentalized financial crises into distinct categories. The dot-com collapse was viewed as an equity bubble driven by unrealistic expectations surrounding transformative technology. The Global Financial Crisis was viewed as a banking and credit crisis caused by excessive leverage, opaque financial products, and a