Natural capital has long been seen as an effective portfolio diversifier for investors, offering an attractive balance of environmental and income characteristics. However, entering these markets has proved challenging for many.
The resilience of the US economy never fails to amaze me. Despite all the turmoil in the world, the US economy somehow manages to look past it, power through it, and come out stronger on the other side.
Economic growth through the third quarter of 2025 came in above expectations and will likely end the year on a strong note. At the same time, the K-shaped economy is more present than ever: even outside the consumer. Most of our recent productivity gains have been concentrated in the information sector while others remain stagnant. Services industries continue to grow, but manufacturing has been in contraction for 34 out of the last 36 months. Large firms are also seeing strong profits, but small firms continue to struggle.