Two series. The Highbrook Market Brief is our monthly reading of the markets and the news that moved them. The Intelligence Center publishes deeper, research-driven reports on topics that compound — released when there is something genuinely worth saying.
U.S. equities closed an eighth consecutive week higher, a new Federal Reserve Chair was sworn in, and the front end of the yield curve quietly moved against the consensus narrative on rates. The signal worth reading this week is not the streak. It is the divergence.
Research ReportModern Portfolio Theory was designed around two building blocks — stocks and bonds. The assumptions that made that pairing efficient have been quietly eroding for a decade. A first look at why a thoughtfully constructed allocation to alternatives now belongs in the conversation.