IN THIS ISSUE

• Macro Strategy — Liquidity Squeeze And Rally Fatigue: As this liquidity squeeze eases, we expect positive underlying economic and profit trends to regain prominence.
  
  
• Market View — There's Always a Bull Market Somewhere: 2025 has highlighted the value of diversification, as widespread gains across Equities, Bonds, and Commodities created an “everything rally," reinforcing the importance of balanced exposure heading into 2026.
  
  
• Thought of the Week — The Secret Sauce to America's Economic Success: Dynamic Labor Productivity: We believe the U.S. is on the cusp of another surge in labor productivity that will likely drive greater economic efficiencies, boost real wages, fuel corporate earnings and maintain America's global competitiveness relative to the rest of the world.​