Breadth Is Back

Author

The Idea Farm
August 30, 2026

“Rotation is the lifeblood of any bull market.”

— Ralph Acampora

Research

Inigo Fraser Jenkins argues that a 100-year portfolio is defined more by governance and process than by a fixed allocation. He favors real assets and regime diversification as AI, climate, inflation, and geopolitics widen uncertainty.

Jan Hatzius argues that softer US jobs and inflation data make a 2026 Fed hike increasingly unlikely, despite nine of 18 June FOMC participants projecting hikes. He also examines slowing consumption, resilient European equities, China’s undervalued currency, and oil inventories nearing historic lows if Hormuz stays closed.

Adrian Cox uses 70 years of AI history to frame today’s boom by sharing a number of fun charts and stats.

Richard Bernstein argues that tighter liquidity and broadening global profit growth are creating opportunities beyond AI and the Magnificent 7. With non US earnings cycles accelerating and market breadth recovering from its narrowest stretch in 35 years, fundamentals may be regaining influence over momentum.

Frank Flight examines whether falling AI costs are expanding demand fast enough to support today’s lofty expectations. Token prices fell 40% since June, yet July AI spending surged among leading adopters, suggesting cheaper intelligence may be stimulating more consumption rather than shrinking the ecosystem.

Goldman Sachs explores the key growth drivers and constraints of AI-related power demand, lessons from the shale innovation cycle, and AI’s sustainability implications.

Bonus Content

Bridgewater CEO Nir Bar Dea and CIO Greg Jensen touch on AI’s potential and how society navigates the economic disruption that could come with it. Link

Owen Lamont discusses the high dispersion of July 2026, with wealth destruction for a single stock in a single day equivalent to the destruction of San Francisco. Link

Columbia real estate professor Stijn Van Nieuwerburgh analyzes the AI infrastructure boom as a physical capital buildout. Link

Ulrike Hoffman-Burchardi looks at the the AI factor in your portfolio and the illusion of diversification. Link

J.P. Morgan Asset Management’s latest Guide to Alternatives. Link

When portfolios get messy, change can feel impossible

Over time, portfolios can become difficult to manage. Overlapping positions, embedded gains, and tax constraints often make change feel out of reach.

A Section 351 exchange may offer a different path. It may allow investors to consolidate their qualifying holdings into a single ETF and access professional management services, all without triggering capital gains at the time of exchange, if specific rules and tests are met.

Alpha Architect has supported multiple 351 exchange launches and worked with advisors navigating these exact challenges. That experience is now available through the Alpha Architect 351 Education Center, a dedicated hub featuring short videos, visual walkthroughs, and practical resources designed to help investors stay informed on the latest 351 exchange insights.

To learn more about 351 exchanges and their various portfolio applications, visit funds.alphaarchitect.com/351educationcenter.

Investments in securities entail risks, including possible loss of principal and are not suitable for all investors.

Podcasts

8/21/2026 - 85 minutes

CNBC’s Michael Santoli discusses the bull market’s resilience, interest rates and U.S. debt, and whether powerful earnings can support elevated valuations.

Meb’s Corner

8/28/2026 - 45 minutes

Paul Kedrosky discusses AI’s bubble dynamics, data-center financing and debt, and the economic and valuation implications of rapid AI adoption.