When Liquidity Speaks Loudly, Uncertainty Still Deserves a Seat at the Table
As we head into year-end, markets feel calm again.
Volatility has fallen meaningfully from earlier peaks, while financial conditions have eased…an inverse relationship that has historically supported risk assets. Fear is receding. Liquidity is rising.
That may prove justified. But it’s also worth remembering that liquidity can amplify comfort without resolving uncertainty.
Periods of narrowing consensus aren’t always moments of clarity. Often, they’re moments when disagreement becomes unfashionable and confidence becomes easier to sell. Markets are probabilistic systems, not forecasting contests. And, their strength lies in diversity of views, not convergence of narratives.
The real risk right now isn’t being wrong about the next data print or policy move. It’s mistaking comfort for certainty.
December 2025
Squaring the Bermuda Triangle
I recently returned from Bermuda after spending time with several Chief Investment Officers, regulators, and actuarial leaders… it reinforced many misconception about the island’s growing role in U.S. insurance.
Some people assume that the surge in offshore reinsurance flows is about regulatory arbitrage or “escaping” oversight. The reality is the opposite.
Bermuda has become a global center for insurance assets and liabilities because its regulatory framework is risk-sensitive, actuarially rigorous, and economically aligned with today’s insurance products.
November 2025
Finding the Middle Ground
Today’s mid-cycle elections arrive at a moment when noise feels louder than ever. Our political debates echo our financial ones — fast, fragmented, and often shaped more by emotion than evidence. But in both arenas, real progress rarely happens at the extremes. It happens in the middle ground... the place where discipline, character, and long-term perspective still matter.
Markets, like democracies, have a way of rewarding patience and punishing panic. Every cycle brings a new narrative that feels urgent... a headline, a policy shift, a data point. Yet the timeless principles endure: risk is not volatility, but the permanent loss of capital or conviction.
As ballots are counted and the commentary swells, maybe it’s worth pausing to ask: What’s still true when the noise fades?
Because whether in markets or leadership, the real edge lies in perspective... in staying grounded when the world swings between extremes.
November 2025
The 3 Cs of Success
As a humble servant leader, a devoted husband, and father, I am constantly searching for the keys to “success”. It is undoubtedly an elusive pursuit. However, there are three core principles that I believe to be critical in that endeavor…Character, Courage, and Connection.
October 2024
"Growing Sideways" - Career advice to my younger self
If you are spending time with the Bronchetti family, you are likely to hear the music of one of our favorite young artists, Noah Kahan. In one of his hit records, Noah coined the phrase “growing sideways”. While his lyrics are a powerful reflection of his own personal journey, the figurative phrase is a piece of career advice that I’d like to pass along to my younger self.
February 2025