Rising Tide?
Analysts have generally been increasing earnings outlooks despite a sharp rise in volatility on the back of Middle East tensions. This is well worth watching.
If the tenuous ceasefire holds, we would find ourselves in a situation where markets have been declining since October into a backdrop of rising earnings. That translates into much more reasonable valuations. There are a lot of “ifs” here in the form of estimate validity, reescalation of geopolitical risk, etc., but one should monitor the right tail as well as the left when thinking about risk management in this environment.
The Most Disruptive Company in the
A deep dive on what was once the “other” artificial intelligence provider, Anthropic. Following an explosive back-and-forth with the Pentagon, paired with some noisy product launches, Claude and Anthropic have found themselves at the centre of the public discourse on AI.
They also have a habit of panicking the markets every time they mention a specific sector. Thanks, Anthropic.
By this point, Anthropic had cemented itself as a leading AI company for business. Each new product release sent judders through the stock market. When Anthropic launched plug-ins for a version targeting noncoders for sales, finance, marketing, and legal services, $300 billion evaporated from the market value of software companies.
Eric Schmidt – Moonshots
Obligatory know-your-speaker comment here. There is certainly some bias, but there are still great insights here as you wrestle with the true impact of AI and which sectors will feel an impact (vs. those that are safe and sound…).
The next thing that is interesting is recursive self-improvement…it isn’t happening yet
2025 Berkshire Shareholder Letter
It isn’t a good habit to compare your business to Berkshire. It projects an ego that isn’t befitting of basically any company. Still, we will say that the statement below from the new CEO (and Canadian!) Greg Abel aligns with our view on how clients should be treated. If you put your partners first, everything else will just work.
Our culture begins with a partnership attitude. Our shareholders are our partners whose trust we have earned and must work to keep. Their interests are at the center of our decision-making.
Outlook for Public and Private Markets
Your data fix has arrived! This is an incredible chart pack from Apollo that covers some of our indicators.
In public markets there are safe and risky investments. In private markets there are safe and risky investments.
Gallant MacDonald is a Private Investment Office serving a select group of ultra-high net worth families who have made significant contributions to business, public service, and philanthropy.
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