The S&P 500 has hit numerous record highs this year, overcoming a couple of hurdles where we saw a not insignificant drawdown. In my last memo to clients, I wrote about how the drawdown in stocks in July was structural, not fundamental, and how structural declines in the market tend to be shallow an...

Not long ago, a client emailed me asking if we had any exposure to business development companies (BDCs) in his portfolio. He was asking because he clearly noticed media headlines about steep declines in software stocks and BDCs.  The catalyst was the theory that AI is going to displace the need for...