Fall 2026 Quarterly Commentary

In this edition, we discuss:

• How AI is totally driving the US economy, corporate profits, and the stock market
• The currently good-looking corporate earnings picture
• Today’s stock market valuation (good relative to earnings growth, less so when factoring in capital spending)
• The degree to which many stocks are not keeping up with outsized S&P 500 Index returns
• Fixed income (bond) yields now looking attractive relative to cash and stocks