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.
September 2026 was defined by a single macro theme: resurgent inflation and a hawkish Federal Reserve. A hotter-than-expected CPI print on September 10 set the tone, the Fed delivered a rate hike mid-month, and policymakers signaled more tightening ahead. The result was a sharp bond selloff, a surging dollar, and a deeply bifurcated equity market where tech megacaps thrived while everything else struggled.
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.