American corporations are having a moment. S&P 500 companies achieved 30% earnings growth in the third quarter, the third straight quarter of 25+% growth. On October 6th, the S&P 500 closed at a record above 7,800, its 28th all-time high of the year.

Don’t believe what you hear on the 6 o’clock news about the end of capitalism.
As responsible capitalists, we believe regulation has its place, and markets need guardrails. But leave markets with the latitude to adjust and they respond faster than any government possibly could.

The AI narrative is changing before our very eyes. There is no longer a debate on whether it’s useful. In recent days, the focus has been on security, and AI threatening the human race. But there is another reality brewing. We are in a token war, and the implications for our economy are consequential.