Michael Merlin and David North, Co-Head of MWM Asset Management, break down the headlines moving markets this quarter. They cover the oil shock from the Middle East conflict and what it means for inflation and the Fed, the AI investment cycle and where they see winners, losers, and differentiated opportunities, the reopening of the IPO market and its ripple effects on index flows, narrowing market breadth beneath record highs, and the K-shaped consumer weighing on discretionary spending. A timely look at how the team is balancing tactical positioning with a long-term focus on high-quality, compounding businesses.

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