Monthly Commentaries

Opening Thoughts  After more than four decades navigating markets, one of the more persistent lessons I’ve learned is that price and value do not always move in tandem, at least not on any timeline that investors would prefer. Periods like the one we are currently experiencing tend to test conviction on both [...]

Opening Thoughts As we move further into 2026, the rhythm of the year is beginning to take shape. Markets remain unsettled, narratives continue to shift, and yet beneath the surface there is a steady process that appears to be unfolding. I started this personal newsletter to provide perspective rather than reactions. The [...]

Opening Thoughts As we begin a new year, I wanted to introduce a new way of communicating about the firm. From David’s Desk is intended to be a regular reflection–an opportunity to share perspective after more than 2 decades–on how MAAM is evolving, how we think about markets, and how we approach investment [...]