Commentaries

Timely market commentaries from leading investment firms

Do SpaceX, Anthropic and OpenAI Belong in Your Portfolio? You Might Have No Choice
by Frank Holmes of U.S. Global Investors, 6/8/26

In case you’ve been living under a rock for the past few months, three of the world’s largest and most consequential private companies—SpaceX, Anthropic and OpenAI—are preparing to go public in the same year. Together, they could add nearly $4 trillion in market cap to public markets.

Brave New World
by John Mauldin of Mauldin Economics, 6/8/26

The world is not ending. It is restructuring. But restructuring, as I noted at the outset, comes with an asterisk. What is really happening is a replacement, of assumptions, of guarantees, of the architecture that held everything together for eighty years.

QuantStreet May 2026 Letter: Consolidation
by Harry Mamaysky of QuantStreet Capital, 6/8/26

In light of all this, our own view is that markets remain well positioned to continue to rally over the medium term, though given their stratospheric rise of late, a bit of a pullback might be in order in the short term.

Why a 15 P E Ratio Is Fair Value For Most Companies (Part 2)
by Chuck Carnevale of F.A.S.T. Graphs, 6/8/26

Chuck argues that valuation should be based primarily on current earnings, which are known and measurable, rather than future earnings estimates, which are inherently uncertain. A P/E ratio of 15 equates to an earnings yield of approximately 6.67%, a return level that has historically aligned with the long-term returns investors have earned from stocks.

2026 Mid-Year Outlook: Taxable Fixed Income
by Collin Martin of Charles Schwab, 6/8/26

For the bond market in the second half of 2026, income still matters, but investors should be selective. Now is not the time to favor long-duration investments.

Trimming Inflation
by Carl Tannenbaum of Northern Trust, 6/8/26

An increasing number of our neighbors are now retired. As they have made that transition, their sensitivity to the costs of living has increased, as has their skepticism over the way that inflation is measured. A common refrain: “I don’t care what the numbers say…things are REALLY expensive these days!”

Five Ways Today’s Market Cycle Differs From the Dot-Com Era
by Larry Adam of Raymond James, 6/8/26

With tech stocks pushing to new highs on enthusiasm around transformational technologies, the real question isn’t just momentum. It’s whether markets are becoming frothy, even bubble‑like, reminiscent of the dot‑com era. We don’t think so.

Tariffs Re-Enter the Spotlight
by BeiChen Lin of Russell Investments, 6/8/26

Trade policy returned to the spotlight this week as the United States announced new tariffs on 60 countries, with rates of either 10% or 12.5% depending on the trading partner.

Broadcom’s Post-Earnings Slide Highlights These ETFs
by Todd Shriber of VettaFi, 6/8/26

Confirming that the bar is high for artificial intelligence (AI) semiconductor makers’ earnings reports, shares of Broadcom (AVGO) plunged 12.59% on June 4, a day after the chip giant delivered quarterly results. The results weren’t the problem. It was a lack of a positive update regarding AI semiconductor demand.

The SpaceX Effect: How Mega-Cap IPOs Reshape Index Methodologies
by Todd Rosenbluth of VettaFi, 6/8/26

In my more than two decades covering index funds, I have never seen anything quite like the frenzy surrounding the SpaceX IPO. The sheer scale and market anticipation of this pending debut this week have done something rare. It has encouraged index providers to re-evaluate how they build and maintain benchmarks that are tracked by trillions of dollars.

Weekly Economic Snapshot: Strong Labor Data Across the Board
by Jennifer Nash of VettaFi | Advisor Perspectives, 6/8/26

The U.S. labor market took center stage last week as three major labor market indicators outperformed forecasts. Robust payroll additions in both the public and private sectors, paired with a massive surge in job openings, point to a workforce on solid footing.

Workplace Benefits: It’s Not a Communication Gap. It’s a Translation Opportunity.
by Michael Dullaghan of Franklin Templeton, 6/7/26

For years, the retirement industry has framed the challenge the same way: Participants aren’t engaged enough. Employers need better communication. Advisors need to educate more.

Inflation's Comeback: Why the Fed May Be Losing the Fight Again
by Joshua Glawson of Money Metals Exchange, 6/7/26

In this episode of the Money Metals Midweek Memo, host Mike Maharrey argues that reports of inflation's demise have been greatly exaggerated. Drawing on both recent economic data and historical parallels, he contends that the United States may be entering a second wave of a broader long-term inflationary cycle reminiscent of the inflationary era of the 1960s and 1970s.

Funding as the New AI Bottleneck: What Alphabet’s Move Reveals
by Matthew Blickman, Kurt Feuerman of AllianceBernstein, 6/6/26

In the first phase of the generative AI boom, the winning strategy was straightforward: own the physical bottleneck. Alphabet’s plan announced this week to raise $80 billion suggests that the next phase may hinge on something else—the ability to finance AI capacity at scale without undermining returns.

Evolving Investment Narratives in a Resilient Market
by Franklin Templeton, 6/6/26

The latest Emerging Markets Insights discusses companies across various sectors that have expressed cautious optimism for the second half of 2026 despite ongoing geopolitical pressures and higher input costs. Templeton Global Investments highlight what they observed at a recently attended summit.
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