4 min read
Michael Miller: Oct 9, 2025 9:45:00 AM
Every few decades, markets find a story too powerful to ignore. Railways, the internet, crypto…and now AI. The overarching question investors keep circling back to today isn’t whether AI matters, but whether the market’s pricing already assumes the...
Read More
2 min read
Michael Miller: Aug 26, 2025 11:32:14 AM
Last week, a longstanding foundation’s Investment Committee met to weigh a stark choice: Should they continue as a perpetual foundation, or spend...
3 min read
Michael Miller: Jun 9, 2025 12:00:00 PM
When leadership narrows and a few dominant names drive the gains, it's rarely a sign of strength. Rallies built on concentration often reflect habit,...
2 min read
Michael Miller: Jun 1, 2025 4:15:00 PM
Or Just Drowned Out by a Better Story?
2 min read
Michael Miller: Mar 6, 2025 12:30:00 AM
I've spent a fair share of my entire career guiding mission-driven non-profits on aligning their investments with their core values, ensuring that...
2 min read
Michael Miller: Dec 6, 2024 8:45:00 AM
Certainty has a way of seducing investors, particularly when the market narrative appears to align so neatly with past successes. Today, the US...
2 min read
Michael Miller: Nov 17, 2024 9:45:00 PM
With markets in flux and large price movements making headlines, it’s natural to feel some trepidation about what lies ahead. Yet, as we often remind...
3 min read
Michael Miller: Mar 21, 2024 1:18:47 PM
Generally speaking, only time and the relative calm between major crises allow us to gain a reasonable sense of the truth. Currently, in assessing...
3 min read
Michael Miller: Mar 21, 2024 11:47:19 AM
The shift in market conditions underway is not surprising—cyclicality, valuation, and the dangers of popularity and overconfidence are...
