Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from rotating leaders to strong earnings, 2026 stories and FOMC impact, and the economy and inflation. Hope you have a great weekend!
Dave: November was a happier month for active equity managers
Source: Jefferies as of 12.01.2025
Jake: with even NVDA sharing its good fortune with the rest of its competitors around the Thanksgiving period
Source: Bespoke as of 12.03.2025
Dave: but the trend remains that it’s been another tough year to be lined up against the biggest names in the glamour sectors
Source: RJ as of 12.02.2025
Brian: The AI cycle could be pegged as the catalyst for the recent dominance of megacap tech vs. the rest of the S&P 500
Data as of 12.02.2025
Brad: and in 2025 specifically, the most expensive stocks have built on their gains
Source: Wall Street Journal as of 12.02.2025
Ten: Make no mistake, strong business fundamentals have been the key catalyst for the ongoing rally in stocks
John Luke: and while fundamentals have been strong in most developed markets, the US has stood out for its earnings performance
Data as of 11.28.2025
Dave: After failed attempts to hold government spending in check out of the global financial crisis, the rest of the world is now following the US into fiscal stimulus
Beckham: Investors have embraced the idea that earnings, and ultimately stock prices, can go higher, but aren’t quite so optimistic about valuations
Graphic via Bloomberg 11.25.2025
Brad: and the highest number of fund managers just pencil in the standard “5-10% return” for 2026
Graphic via Bloomberg as of 11.24.2025
Joseph: with an inflation-throttled Fed ranking as the greatest challenge
Data as of 11.24.2025
Dave: Long-term rates are behaving a bit better in this phase of the rate-cutting cycle than they did last year
Source: Strategas as of 11.25.2025
Brian: but the benefits of FOMC rate cuts have clearly faded as you go out into longer maturities
Source: Aptus as of 12.03.2025
John: The Fed is seemingly dealing with mixed data on the economy and inflation, with trade activity down and expectations even lower
Data as of November 2025
Joseph: and lower economy-wide margins impacting real wage growth
Data as of 12.03.2025
Jake: but large investments are growing at a high rate
Data as of 11.26.2025
John Luke: and despite stories of AI being the only growth area, strength exists across the economy
Data as of 12.03.2025
John Luke: Japan is in its own world for government debt
Source: Bloomberg as of 11.23.2025
Dave: and we’ve only recently seen compensation move higher
Source: Strategas as of 12.01.2025
Dave: the main question for US investors is how the relationship between the yen and dollar will impact US stocks
Source: Strategas as of 12.01.2025
John Luke: Regardless of what’s going on in the rest of the economy, it’s amazing to see how productive the largest US companies have become
Data as of November 2025
JD: hopefully enough to pay for the rising cost of their soup!
Graphic via Lyn Alden
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Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed.
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