Discipline Wins When Narratives Get Loud
Markets spent the past month doing what they always do during transitional periods. On the surface, conditions appear calm. Underneath, narratives shift constantly.
Inflation continues to ease across several major economies. Growth remains uneven but positive. Meanwhile, the latest source of volatility has been the market's attempt to understand how artificial intelligence will reshape margins, employment, and pricing power.
This has created pressure in parts of the software sector and ripple effects in credit markets. Outside those pockets, however, global equities have remained resilient—especially in areas where valuations started from more reasonable...
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