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Research
DoubleLine examines how concentrated the S&P 500 has become and what that means for portfolio risk. A handful of stocks drove 52% of the index's return through September, and the authors contrast today's tech rally with the dot com era.
Verdad makes the case for deep value investing in South Korea, where governance reforms now target the family control behind the Korea discount. While Samsung and SK Hynix drove the AI rally, the average Korean stock returned just 37% over the past decade.
Goldman Sachs examines the outlook for AI capex, the revenues needed to justify it and what the equity market is pricing in the AI trade. The authors estimate users would need to spend roughly $1 trillion a year on AI applications for solid returns.
Michael Cembalest answers client questions that carried a sense of foreboding during a recent West Coast trip. Topics include how heavily US markets now lean on AI, the federal debt as Treasury yields rise and Europe's struggle against Chinese automakers.
Bridgewater examines how carbon pricing has quietly expanded into a force shaping corporate earnings and industrial policy worldwide. The authors explore which sectors face the most exposure, how Europe's border carbon tariff is spreading and why schemes now cover about 30% of global emissions.
PIMCO - Growth Holds, Risks Widen (8 pages)
PIMCO examines how geopolitics and an AI investment boom are shaping the near term economic outlook, with a resilient baseline but wider risks around it. The authors unpack why yields have climbed and how higher starting yields may support bond income across scenarios.
Bonus Content
Bloomberg on how AI makes the scam economy, now bigger than cocaine, harder to kill. Link
Citadel's Scott Rubner on rising earnings estimates, falling valuations and early signs of market rotation. Link
McKinsey released their 2026 report on the asset management industry. Link
Schroders' latest monthly chart book on the markets. Link
Have a messy, old, or concentrated portfolio? There may be an option worth considering.
Over time, investors have enjoyed a strong run in U.S. stocks. But as advisors know: what gets you wealthy may not keep you wealthy.
A Section 351 exchange may allow investors to consolidate their qualifying holdings into a single ETF and access professional management services, generally without recognizing capital gains at the time of the exchange, if specific rules and tests are met. Tax is deferred, not eliminated — the contributor's cost basis carries over to the ETF shares received.
Through years of practice, we have built the knowledge necessary to help advisors complete thousands1 of contributed portfolios in different 351-exchange ETFs. That knowledge is now available through the Alpha Architect 351 Education Center, a dedicated hub featuring short videos, visual walkthroughs, and practical resources on all things 351.
To learn more about 351 exchanges and their various portfolio applications, visit https://funds.alphaarchitect.com/351educationcenter or schedule a call with us directly.
Investments in securities entail risks, including possible loss of principal and are not suitable for all investors. This material is for informational and educational purposes only and is not investment, legal, or tax advice. Section 351 treatment depends on satisfying specific requirements; investors should consult their own tax advisor regarding their particular circumstances.
Alpha Architect and affiliates. Reflects the number of portfolios contributed across prior 351 Exchanges. As of September 2026.
Podcasts
 10/6/2026 - 21 minutes | Munger discusses spotting exceptional people, investing in great businesses, and how temperament and long-term thinking shape better decisions. |
Meb’s Corner
 10/16/2026 - 49 minutes | Citi’s Dirk Willer discusses trading the AI bubble, what’s driving the bond selloff and where he sees opportunity around the globe. |
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