Quarterly Investment Commentary | April 2026 "War is long periods of boredom punctuated by moments of sheer terror." Anon. · WWI era, c. 1914 The Quarter the Playbook Got Shredded Markets, like war, are mostly boring … until they aren't. The first quarter of 2026 was supposed to be uneventful: earnings solid, rates drifting lower, AI humming along. Then, in four weeks, the Supreme Court struck down tariff authority under IEEPA, the U.S. and Israel conducted strikes ki