International Equity Markets Show Growth in Q2 2026
In the second quarter of 2026, international equities, as represented by the MSCI EAFE Index, saw an increase when measured in US dollars. This positive trend was particularly supported by strong performance in consumer staples, an intentional reduction in exposure to the energy sector, and a strategic absence from real estate investments. The focus remains on identifying attractively valued stocks based on thorough fundamental analysis.
Faraday Copper: A Promising Early-Stage Investment in the Copper Market
Faraday Copper (CPPKF) is positioned as a speculative 'Buy' due to its early-stage exposure to the growing copper market. The company's asset base, including Copper Creek and the San Manuel acquisition, along with a strong balance sheet, supports future growth. However, permitting risks and high sensitivity to copper price volatility are key concerns for this pre-revenue entity.
Suburban Propane Partners: Hold Rating Amidst Market Challenges
Suburban Propane Partners (SPH) has been upgraded to 'hold' as its shares reached the fair value target of $17.50. Despite a 7.3% yield and manageable near-term distribution risk, the company faces structural demand erosion and elevated leverage. Investments in Renewable Natural Gas (RNG) are nearing completion, which are expected to support future cash flow and debt reduction efforts, but long-term challenges in demand remain.
Analyzing Real Retail Sales: Trends and Recession Indicators
This analysis delves into the performance of inflation-adjusted (real) retail sales, revealing a 0.58% month-over-month decline in July, but a 5.01% increase year-over-year. The report highlights that current year-over-year figures are comparable to levels observed during two of the last twelve U.S. recessions, signaling potential economic concerns. Despite recent fluctuations, real retail sales remain near their all-time peak, indicating a robust underlying consumer market. The analysis aims to provide insights into these trends and their implications for economic stability.
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Faraday Copper: A Promising Early-Stage Investment in the Copper Market
Faraday Copper (CPPKF) is positioned as a speculative 'Buy' due to its early-stage exposure to the growing copper market. The company's asset base, including Copper Creek and the San Manuel acquisition, along with a strong balance sheet, supports future growth. However, permitting risks and high sensitivity to copper price volatility are key concerns for this pre-revenue entity.
Suburban Propane Partners: Hold Rating Amidst Market Challenges
Suburban Propane Partners (SPH) has been upgraded to 'hold' as its shares reached the fair value target of $17.50. Despite a 7.3% yield and manageable near-term distribution risk, the company faces structural demand erosion and elevated leverage. Investments in Renewable Natural Gas (RNG) are nearing completion, which are expected to support future cash flow and debt reduction efforts, but long-term challenges in demand remain.
Analyzing Real Retail Sales: Trends and Recession Indicators
This analysis delves into the performance of inflation-adjusted (real) retail sales, revealing a 0.58% month-over-month decline in July, but a 5.01% increase year-over-year. The report highlights that current year-over-year figures are comparable to levels observed during two of the last twelve U.S. recessions, signaling potential economic concerns. Despite recent fluctuations, real retail sales remain near their all-time peak, indicating a robust underlying consumer market. The analysis aims to provide insights into these trends and their implications for economic stability.
Module 04
Curated Narratives
Portfolio Performance and Market Dynamics in Q2
This article discusses a portfolio's modest underperformance against the ICE BofA US High Yield Index during the second quarter, highlighting rising Treasury yields, monetary policy shifts, and market volatility driven by AI concerns and geopolitical events. It also touches upon the compelling income opportunities in bank loans and strategic additions to insurance broker credit.
By Morgan Housel•Aug 15, 2026
IPO Market Experiences Summer Slowdown with Key Activities Ahead
This week saw three IPOs and one SPAC successfully priced, alongside two IPOs and five SPACs submitting new filings. The IPO market is currently navigating a characteristic summer slowdown, though a significant IPO is anticipated in the coming week. Additionally, research for one company and three lock-up expirations are scheduled, signaling continued, albeit moderated, market movement.
By Fareed Zakaria•Aug 15, 2026
Top US Cities for Retirees Who Value Farmers Markets
This article highlights eight US cities that are ideal for retirees seeking vibrant farmers markets and strong agricultural communities. These locations offer a combination of fresh, local produce, community engagement, and retiree-friendly amenities like recreation, cultural attractions, affordability, and tax benefits. The selected cities range from large urban centers to smaller communities, each providing unique access to farm-fresh food and an active retirement lifestyle.
By Michele Ferrero•Aug 15, 2026
Analysis of ProShares S&P 500 Ex-Technology ETF (SPXT) Underperformance Against iShares Core S&P 500 ETF (IVV)
This analysis delves into the reasons behind the anticipated underperformance of the ProShares S&P 500 Ex-Technology ETF (SPXT) compared to the iShares Core S&P 500 ETF (IVV). While SPXT aims to diversify away from the S&P 500's heavy tech concentration, it faces challenges in achieving superior returns due to inherent portfolio limitations and a factor mix that struggles against growth-oriented benchmarks.
By Morgan Housel•Aug 15, 2026