As we round the three-quarter pole and head into the final stretch of 2026, the prevailing investment narrative has, of course, been AI, along with its pros and cons. Since March, when the Iran conflict began, there has been a secondary drumbeat that continues to get louder and louder: the narrative surrounding bond prices, interest rates, inflation, and the economy.

In the investment business, it’s common to address not only what occurred during the past twelve months but also to provide an assessment of future prospects.

For investors, 2025 has not gotten off to the start that many had envisioned. Many will assume that I’m referring to political turmoil relating to tariffs or spending cuts by the Department of Government Efficiency (DOGE) and the corresponding market spillover.