Recession
FEATURED
Different Signal, Same Noise
The first quarter of 2026 had two distinct regimes. The first two months continued the theme we laid out to start the year: a decoupling global economy, broad AI implementation, and a widening opportunity set as long-ignored asset classes earned back their premiums. Then the Iran war began, oil prices jumped, and markets did what markets do in a crisis—focused on a single variable and treated everything else as noise.
