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Labor market weakness versus sticky inflation: The great debate

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By Thierry Hasse, Chief Investment Officer, Elevage Partners As we approach the final days of the year, investors are weighing a familiar but unresolved tension: Signs of softening in the U.S. labor market, alongside inflation data that, while improving, still warrants careful interpretation. A Labor Market Showing Signs of Fatigue The Bureau of Labor Statistics […]

Window dressing: Investors adjust portfolios as 2026 comes into view

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  By Thierry Hasse, Chief Investment Officer, Elevage Partners As the year draws to a close, investors are doing what they often do in December — cleaning up positions, reassessing assumptions and quietly looking ahead. Beneath the surface of year-end optimism, investors are already shifting focus toward 2026 and what it may demand: more discipline […]

After November’s unease, calm returns to U.S. markets

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  By Thierry Hasse, Chief Investment Officer, Elevage Partners After a brief period of anxiety in November, calm is returning to U.S. financial markets. Volatility has eased, investor expectations have narrowed and markets appear to be settling into a more familiar rhythm as the year draws to a close. Volatility Retreats across U.S. Financial Markets […]

From turbulence to clarity: Three market lessons and a moment of thanks

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By Thierry Hasse, Chief Investment Officer, Elevage Partners Thanksgiving week offers a brief pause in a busy season, and this chance to reflect highlights principles that we believe remain central to helping investors stay grounded through periods of volatility. The past several days offered a sharp reminder of how quickly headlines can shift sentiment, and […]

End of federal shutdown isn’t enough to calm choppy markets

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By Thierry Hasse, Chief Investment Officer Reflection on the week ending November 14, 2025 Markets End the Week Flat — But the Ride Was Anything But Calm Despite dramatic intraday volatility, including an 800-point swing in the Dow Jones Industrial Average on Thursday, U.S. equity markets closed last week close to unchanged. According to CNBC, […]

Are AI-driven markets taking a healthy pause … or signaling something more?

Abstract sphere, symbolizes the essence of unity, as it dynamically deforms, showcasing the harmonious interplay of AI and human collaboration. Within this abstract sphere, the word "AI" stands proudly, representing the infinite possibilities that emerge when artificial intelligence and human ingenuity unite. As AI and human consciousness converge, witness the emergence of new horizons in technology, art, and society. This stock image opens doors to limitless storytelling possibilities. Redefine your visual narrative and capture the essence of Collaborative Fusion with this captivating and visionary stock image

By Thierry Hasse, Chief Investment Officer, Elevage Partners Markets stepped back last week, with the Nasdaq leading the decline. Technology companies, particularly those tied to artificial intelligence, saw notable selling pressure. After a strong rally since the spring, investors are questioning whether the recent weakness is simply a pause or the start of something deeper. […]

Markets deliver Halloween treats, but risks remain under the surface

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By Thierry Hasse, Chief Investment Officer, Elevage Partners Week of November 3, 2025 Last week offered investors more treats than tricks, though the market narrative continues to evolve beneath the surface. Strong corporate earnings helped lift equity indices to new highs, even as signals from the Federal Reserve and ongoing consumer sentiment remind us that […]

When calm shatters: A single post, $2 trillion and the illusion of certainty

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By Jeff Powell Elevage Partners CEO How much is certainty worth to investors? Last week, we got an answer: about $2 trillion. For months, markets climbed with almost no volatility. The S&P 500 had gone 119 trading days without even a 2% pullback (Source: J.P. Morgan, Oct. 2025). The VIX, the “fear index” that measures […]

The final stretch of 2025: Markets rise, risks linger

Third Quarter Market Commentary Equity markets have defied expectations in 2025 — climbing to record highs despite a volatile start, rising valuations and persistent investor skepticism. As we enter the final quarter, this rally underscores a familiar tension between momentum and valuation. At Elevage Partners, we’re focused on the balance of opportunity and discipline: anticipating […]