J.W.M. Turner. Rain, Steam, and Speed Confidence Game.  Confidence is the most expensive currency in markets. Investors trade it freely when liquidity is abundant and hoard it when policy shifts. After two years of extraordinary gains driven by artificial intelligence, fiscal largesse, and monetary complacency, the question confronting markets is whether confidence is priced correctly or has become another leveraged asset. Real yields remain above two percent, signaling inves

Value investors are asking themselves, will the promise of value investing return to prominence? The answer is multi-faceted. Indeed,...