March retail sales highlighted the growing disconnect between consumer confidence and consumer behavior. Retail sales surged 1.7% month over month, following a revised 0.7% gain in February, marking the strongest monthly increase in more than three years. But of that 170 basis point jump, roughly 110 of it came from higher energy prices—specifically, gas station sales jumping a whopping 15.5%. So is consumer demand still healthy, or are prices just going up? Let’s look closer.

Markets are being tested on several fronts at once. But the important question is how these shocks travel—through inflation, monetary policy, funding conditions, or issuer fundamentals. That’s where resilience begins to diverge.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Jim Lydotes covers: 1) how health care is stabilizing, 2) why used cars could be an inflation indicator, and 3) why AI spending could crowd out hiring.

Stocks rose as oil prices fell sharply after Iran said the Strait of Hormuz reopened, easing war fears. Inflation stayed high, jobs remained strong, consumers felt squeezed by prices, and housing slowed.

Securitized credit is a popular, if complex, fixed income allocation. Here’s where to begin.

Over the last 35-plus years, convertibles have produced equity-like performance but with lower volatility.

The first phase of the AI trade rewarded broad calls: “Buy power!” “Sell software!” The next phase will require much more discrimination across business models, capital structures, and industries.

The historical underperformance of passive Agg-based bond funds isn’t a coincidence. The index’s very design puts investors at a disadvantage.

Maine may pause large data centers as AI strains power grids, housing reform gains steam, and markets may be overlooking true AI adopters.