As we head into September, the headlines may feel particularly heavy. Between a dramatic spike in global bond yields and reignited geopolitical tensions impacting energy markets, it is completely natural to feel a bit of headline fatigue. On top of that, you might be thinking about the notorious "September Effect"—the historical tendency for the stock market to experience a seasonal breather this time of year. Not to mention, the uncertainties that come with the midterm elections right around the corner.

Your Purus Investment Committee wants to reassure you that this autumn seasonality is a well-known, normal behavioral pattern, and a temporary pullback does not mean the sky is falling. In fact, our underlying economic foundation remains incredibly robust. We just wrapped up an exceptionally strong second-quarter earnings season, where a staggering 85% of S&P 500 companies beat expectations, delivering record profit margins. Corporate America is highly resilient and handles these macro shifts beautifully. Rather than reacting to short-term market noise or historical calendar quirks, we remain focused on your long-term goals.

As always, please feel free to reach out to the Purus team with any questions or concerns. We would love to hear from you!

"Before Friday’s jobs report, it was roughly a toss-up in the financial markets whether the Fed would raise rates at the next meeting in mid-September.  Now, the odds favor a rate hike and it’s not hard to see why."

‍

"In a generally upbeat Jackson Hole speech on Friday, Fed Chairman Kevin Warsh asserted that 'labor markets are consistent with full employment'. Given that the current unemployment rate, at 4.1% is the lowest it's been in 18 months and is also lower than it has been 88% of the time over the past 50 years, it is hard to argue with the Chairman's assessment.

However, it is a very strange labor market and it is important for investors to unravel its apparent contradictions in order to assess what it really means for economic growth, inflation, monetary policy and, ultimately, investment performance and risks."

‍

"For most of human history, space has occupied a unique place in our imagination.

The night sky has served as a canvas for myth, navigation, and wonder, a domain whose scale defies ordinary understanding. And yet, much of our modern economy depends on the orbital infrastructure operating hundreds of miles above Earth. From global logistics and modern defense architectures to AI, strategically important industries all rest in part on technologies that circle the planet every 90 minutes...

This paper examines the trajectory—and opportunities—of that orbital economy. It explores how falling launch costs  and private investment are reshaping access to space, how new industrial supply chains are forming around satellites and orbital services, and where critical technological and economic chokepoints are likely to emerge. It considers how geopolitical competition will extend into these emerging systems and why the structure of the space economy will matter for governments, investors, and corporates alike."

‍

"One of the most urgent challenges facing the U.S. economy is not whether we can produce enough energy, but whether our infrastructure can transmit that power to those who want and need it. Over the next decade plus, demand will rise sharply as the nation electrifies its transportation fleet, builds out AI-driven data centers, and reshapes its industrial base through reshoring. These shifts will require far more reliable, flexible, and resilient energy systems than what we have in place today. The problem is that America’s grid and pipelines are already strained."

‍

The Purus team wrapped up the summer with a memorable beach picnic for employees and their families. Great food, lively games, plenty of laughter, and wonderful company made the day truly special. Thank you to everyone who came out and shared in the fun!

‍