Category Archive

By Eric Parnell “Your friend is heavy, But he was ready And never stopped for a while, And while you were sleeping, He went on keeping the final line in his mind. It’s all right, it’s all right, it’s all right” –Tortoise and the Hare, The Moody Blues, 1970 The hare attracts all of the attention.  Swift, fast, nimble, agile, and … Read More

By Eric Hough In my best Steve Harvey voice: “We surveyed two hundred advisors on the optimal 2026 portfolio allocation for high-net-worth clients, and the top answer is on the board” Survey Says: There is no number one answer! There is no consensus and no single model dominates! Ok, I confess, I didn’t poll any advisors.  However, there has been … Read More

“I know times are changing, It’s time we reach out for something new, That means you, too, You say you want to be a leader, But you say you can’t seem to make up your mind, I think you better close it, And let me guide you to the purple rain” – Purple Rain, Prince and the Revolution, 1984 The U.S. stock market remains on fire.  After what … Read More

By Evan Coffey & Kate Templeton A rocket company became one of the most valuable businesses on Earth in a single afternoon in June. Five weeks later, its stock traded below where it started. The technology underneath it, the part that took a decade to build, hadn’t changed at all in that stretch. Only the price had.  That gap, between how … Read More

Why Digital CAPEX Is Colliding with Physical Infrastructure Reality What happens when the tortoise and the hare must finish the race at the same time? The market narrative today is dominated by the scale of capital being deployed into AI, data centers, and next-generation compute. Hundreds of billions of dollars are being committed, sometimes circularly, with the expectation that infrastructure … Read More

“Every time we fall to pieces, we build something new out of the hurt” – Back to Earth, Steve Aoki, 2014 That didn’t take long.  Despite all of the fanfare that accompanied the SpaceX IPO that included many investors working strenuously to get pre-IPO allocations, the rocket ship that soared as high as $225 per share in the days immediately post IPO … Read More

The AI boom’s biggest supply constraint right now isn’t GPUs. It’s memory. Every AI server in every data center powering tools like ChatGPT and Claude is only as fast as the memory chip sitting next to its processor. That memory is now in short supply. Prices for the two main types, DRAM and NAND flash, jumped 58 to 63% and … Read More

In this week’s GVA Market Insights, our Asset Management team explores: Equity markets have surged over 10% since April 1st amid strong earnings, though mega-cap concentration — particularly in semiconductors — remains a growing concern. The Fed held rates steady at its latest meeting, but a hawkish shift is emerging as inflation reaccelerates and rate hike expectations build for year-end. … Read More

“It’s gettin’, it’s gettin’, it’s gettin’ kinda heavy” – The Power, Snap, 1990 The U.S. stock market is getting way ahead of itself.  For as constructive on the markets as I was back in February and March when the S&P 500 was careening into correction territory despite the fact that economic growth remained strong and corporate profit growth projections were being revised … Read More

In this week’s GVA Market Insights, our Asset Management team explores: Private Markets Noise vs. Reality: Redemption headlines at BlackRock and Blue Owl are alarming on the surface, but the 5% quarterly liquidity cap is a structural safeguard, and comparisons to 2008 miss the mark.  Stagflation Warning Signs: CPI at 3.8%, gas above $4.50, a 10-year at a 52-week high, and zero … Read More