This episode examines a surprisingly rough November — a month that historically ranks as one of the strongest for equities, yet in 2025 sits among the worst in over two decades. Charles Brown walks through the drivers behind the downturn, including valuation pushback in AI, defensive rotations, and rapidly shifting expectations for the Federal Reserve’s December meeting.

We explore how the Fed’s divided outlook on rate cuts is impacting volatility, why AI leaders like Nvidia and Palantir are under pressure despite strong earnings, and how these trends are shaping the CG, DS, and GI portfolios. More importantly, Charles looks ahead to how the AI cycle, capital expenditures, and potential 2026 rate cuts could set the stage for the next leg of growth.

Clear analysis, context, and a measured approach guide this episode as we prepare for December’s key decisions and position for 2026.