AI & Market Concentration

Each week, the Stokes Family Office staff puts together a list of our favorite news and updates on all things wealth management. From financial planning, portfolio construction, tax and estate planning, retirement plan services to anything we found interesting.  Enjoy this week’s curated list for your weekend reading!

ECONOMY NEWS

Three Things – ZIRP, US Debt, & more AI

• Cullen Roche writes about:

  • The Return of ZIRP (zero interest rate policy)

  • AI making the government MUCH bigger

  • The concerns around exploding government debt, rising interest payments, & the collapse of the Dollar

Not Fast Enough

• Gregor Macdonald says the free market has done a remarkable job in conducting the global energy transition, but it’s not progressing fast enough to bring the emissions declines we hope for into view.

Private Jet Use is Soaring—U.S. is Responsible for Most Flights

• Fast Company: Of the 20 airports in the world that see the most private jet flights, 18 are in the U.S.

Related:

• SFO Quarterly Review: Q2 2025
• The Economic Ripple Effect of Tariffs
• Recession Fears, Retirement Savings, & Inflation Drops
• Stagflation, Geopolitical Risks, & International Investing

MARKETS NEWS

Extreme Concentration in the S&P 500

• Apollo: The concentration in the S&P 500 has returned to extreme levels, with the top 10 companies accounting for 40% of the index’s market capitalization and a record-high share of earnings.

Gold as a Safe Asset – An Alternative to Debt

• Mark Rzepczynski argues that diminishing trust in debt as a “safe asset” naturally boosts gold’s appeal.

Slow Way Out: When Semiliquid Fund Exits Get Too Crowded

• Morningstar: What investors can learn from Blackstone Private Real Estate Income Trust’s liquidity crunch.

Related:

• Inflation Surprises and Calls For Rate Cuts
• Data Quality, Tariffs, & Private Equity
• Social Security, Dollar Value, & The Stealthy Wealthy
• Data Centers, Social Security, & Economy Health

CHART OF THE WEEK

For the first time since 2006, the monthly cost of owning an entry-level home is more than double the average rent in the U.S. (via John Burns Research & Consulting)

Stokes Family Office is 100% Family Owned, and has been continually operating in the New Orleans Area for over 35 years.  As a family office, we are focused on family wealth, financial planning, and tax planning. We are your local experts for Gulf South wealth management. Want to hear more from our team? Check out the Lagniappe Podcast.