05/15/2026
Our latest M&A Letter is out, and it highlights several important forces currently driving market behavior:
Stagflation concerns are resurfacing - slowing growth combined with persistent inflation is creating a challenging economic backdrop
Rising uncertainty around monetary policy and central bank independence is adding to market volatility
Global shifts away from the U.S. dollar and increased gold accumulation signal changing dynamics in the global financial system
Market concentration risk is growing, with a small group of stocks driving a large portion of recent gains
Read the full letter for deeper insights:
👉 https://www.macnaughtonandassociates.com/ma-letters
