Confluence Investment Management's Keller Q3 2026 Quarterly

While there are always things to worry about that affect many areas of our lives, we at Confluence are concerned primarily with those that have an investment impact. From that perspective, sometimes the key risks are not obvious. We continue to believe that the major issues investors need to worry about are related: the US’s actions to back away from world hegemony and the shrinking of global trade. In the long run, neither world hegemony nor globalization was politically feasible in the US and the West, although it took global elites a long time to figure that out.

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