» Market Forces Control Production: Oil production is driven by market prices, not government regulation. » Private Sector Leads: 75% of U.S. oil production occurs on private lands, not federal ones. » Unused Federal Permits: Thousands of approved federal drilling permits remain idle, showing limited government impact. » Innovation Drives Growth: Technological advancements, not government policies, fueled the U.S. oil boom. » Government's Limited Impact on Prices: Energy prices are influenced more by market conditions and innovation than by government actions.

» U.S. stock market is at all-time highs, raising concerns about overall market valuations. » Goldman Sachs predicts the S&P 500 will average only about 3% annual returns over the next decade. » Investors can still find opportunities by focusing on specific sectors, styles, and valuation methodologies beyond broad market averages. » The S&P 500’s market-cap weighted index is trading at nearly a 30% premium compared to an equal-weight index, highlighting valuation disparities. » A concentration of top-performing stocks, which represent 34% of the S&P 500, skews overall market valuations. » High-quality, overlooked companies and equal-weighted strategies offer opportunities for investors seeking better valuations. » Alternative approaches include: equal-weight index funds, sector-specific ETFs, high-quality stock selection, and value-oriented approaches.

Watching China’s Economic Miracle (and Relevance) Fade Before Our Eyes • China confronts a critical economic transition marked by an aging population and escalating private sector debt. • Private sector debt near 300% of GDP, concentrated in real estate, threatens systemic financial risks. • COVID-19 has accelerated economic challenges, dramatically reducing China's historically robust growth rates. • Demographic and economic trends are significantly constraining China's future economic potential. • Government policy interventions appear unlikely to reverse the country's structural economic decline.