SAS and Kamakura

December capped a year in which headline growth and risk-on positioning coexisted with rising under-the-surface strain—a late-cycle mix that kept markets calm while widening the gap between credit “winners” and “losers.” Continuing the trends of outperformance, the US...

November 30th marked the three-year anniversary since the public release of ChatGPT. Back then, the S&P 500 stood at 3,950 compared to its most recent close of 6,849 – a 73% increase and $24T gain in total market cap. Meanwhile, Nvidia’s most recent net income...

October was another month for the history books. Equity markets notched new record highs: S&P 500 added $17 trillion since the April lows, Nvidia became the first $5T market cap company, Amazon surged almost 10% post earnings recording largest one-day market cap...

NEW YORK October 1, 2025: The U.S. markets have become conditioned to seeing the Federal Reserve step in whenever negative conditions appear to worsen. Of course, many see the Fed’s interventions as a safety net – as indeed they are during times of crisis. But...

NEW YORK September 2, 2025: Successful investing is the art of filtering out noise so that you can focus on signals leading to long-term gains. But how do you do that when markets are constantly jolted by changing tariffs—and shifting sentiment about their potential...