Highlights from the week of October 16 – October 22, 2026.

Every client has a money story. The most revealing chapters may have been written long before they had a portfolio or a financial advisor.

The midterms may move markets on headlines. Active investors can find opportunity where political perception diverges from company fundamentals.

Last week, America continued its quest for homeownership, a process that somehow combines the cost of a luxury vacation with the emotional experience of visiting the DMV. A barrage of housing reports suggested prospective buyers are finding neither bargains nor shortcuts.

The latest round of student protests in France began with a relatively straightforward demand: better funding for schools. But like many things that start small and focused, the demonstrations quickly evolved into something much bigger. What began as concerns about poor school conditions have expanded into broader frustration over the rising cost of living and the financial pressures facing households across the country.

Higher rates are testing the most rate-sensitive parts of the economy, but they are also restoring income and creating sharper distinctions between risks worth taking and risks best avoided.

Election noise can distort market signals. Jim Lydotes looks beyond the headlines at consumers, AI infrastructure, and defense demand.

Last week, investors took a closer look at the AI spending boom and decided they needed better answers than “trust me, it’ll pay off.” Was it Jane Wickline’s wicked turn as Anthropic’s Dario Amodei on SNL Weekend Update? (“I urge you to urge me to stop.”) Who can say. What we do know is that investors spent the next week questioning the gap between AI’s long-term promise and its near-term price tag.

The recent selloff has brought back the key question: Can revenue grow fast enough to support all this spending?

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.