Quarterly Commentary Q4 2025
Concerns about whether today’s enthusiasm for artificial intelligence represents a market bubble have become increasingly common, especially after several years of strong equity returns led by AI-related companies. While in many ways different, comparisons to the dot-com era are understandable, when excitement around transformative technology pushed valuations well beyond fundamentals and ultimately resulted in sharp market declines. History also shows, however, that while such periods can be painful for investors,…
