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 May at fresh records, led almost entirely by megacap technology, while oil round-tripped from above $106 to the low $90s. The month's signal is not the record. It is how much of it rests on a single unresolved question.
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.