The U.S. economy added 57k jobs in June, fewer than all but one economist's estimate in Bloomberg's monthly survey. After a few months of solid job growth, this is a reminder that the labor force has changed as a result of immigration policy.
Commentary & analysis of selected stories on July 2, 2026
57% of households owning mutual funds make more than $100k per year.
Active equity mutual funds continue to charge more than 10x the fees of passive equity mutual funds.
Domestic equity index funds with the lowest fees saw the large majority of inflows in 2025.
44% of U.S. households own an IRA. The difference in ownership between the highest and lowest income buckets is staggering.
Equity ETFs accounted for 28% of stock market volume in the U.S. in 2025.
A look at the holdings of government-only money market funds versus prime money market funds
A long-term look at gold prices
A review of our recent research
We contend that the AI, energy, and defense themes are not three parallel trends but a structural supercycle with compounding feedback. Capital that enters any one leg flows into the others.
At the halfway point of the year, AI and energy are the two biggest stories.