Week of April 13, 2026
The United States—and much of the free world—has driven the past century’s most significant innovation, particularly in technology and biotech, reflecting the strength of open societies. These advances have fueled economic growth and helped dramatically reduce global poverty, as documented by the World Bank. Economic strength underpins military strength—when used responsibly. Recent events suggest Iran has pursued at the negotiating table what it could not achieve on the battlefield. For long-term prosperity, investing in stability and deterrence is more effective than continually preparing for a 9/11-type threat. Our Signals remain unchanged.
Bob Bilkie, CFA
