Commentary

Each month, the BCWM Portfolio Management team publishes an Investment Commentary that examines the latest developments in financial markets and the economy. We filter out the noise and present the information most relevant to our investment strategies and management of our clients’ portfolios.

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Beyond Magnificent

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Imagine ten buildings, each the size of seven football fields, clustered together on a campus the size of Central Park, humming with enough power to run a city of a million people. That’s the Stargate data center in Abilene, Texas . . . one of many more such sites that will be built in Chat…
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No Fear

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The safest investment on the planet is (still) a U.S. Treasury bond. Today, if you purchase a 10-year Treasury bond, you will receive 4.2% interest every year and get your money back at the end of the 10 years. Any other investment (stocks, corporate bonds, real estate, you name it) comes with at least some…
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Fasten Your Seatbelts

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There are no elections any time soon. No inaugurations. No Big Beautiful Bills. No bombings by U.S. aircraft. No new significant tariffs.   We tossed around the idea of not even publishing an Investment Commentary this month because there just didn’t seem to be that much to write about. What could we possibly write .…
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Tariffs, Tomahawks, and Total Indifference

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Last week, President Trump authorized military strikes on Iran’s nuclear infrastructure. Targets included well-known sites in Fordow, Natanz, and Isfahan, which were hit with a mix of stealth bombers and Tomahawk missiles. The full extent of the damage remains unclear (and may stay that way), but what was surprising was that financial markets barely blinked.…
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Big, But Not So Beautiful

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Just as the markets were bracing for the next chapter in the tariff saga, the courts pressed the PAUSE button. Yesterday, the U.S. Court of International Trade ruled that Congress, not the president, has the constitutional authority to regulate commerce with foreign nations. Basically, the court said these tariffs are not a matter of national…
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