Commentary: January 2026

Qube's Commentary is a collection of insightful articles written by our expert team. Inside, you'll find...

Achieving the right return

“As a father with a growing family, I have been navigating the realities of raising young children. Many of our clients can relate; the highs are very high and the lows can be challenging—particularly with a strong-willed three-nager. A decision we now face is coordinating how my wife and I want to raise our kids. This has allowed me to reflect on the values and lessons that my parents instilled, or at least attempted to, in me.”

Tax Efficient Philanthropy

“A few years ago, this commentary explored an often-overlooked corner of the tax code: what happens when charitable gifts are made with appreciated securities instead of cash. The piece paired philanthropy with tax mechanics and demonstrated that, under the right conditions, the same philanthropic gift can cost a donor far less, without changing what the charity receives.”

Staying above Zero: Sheltering Wealth with Bond Tents

“Nearly eight months have passed since completing the CFA Program. For those unfamiliar, the CFA designation typically demands roughly 1000 hours of study and humbles about six in every seven candidates who attempt it. It’s a milestone worth acknowledging, not just because the credential matters to our clients, but because it marks the end of a particular season; the formal academic ascent of my career has reached a summit.”

STOCK SPOTLIGHT: MARKEL GROUP (MKL)

“A typical insurance company is built around a single goal: underwriting profit. When conditions are good, operations run smoothly. When insurance markets soften, competition increases, claims spike, and that single segment starts to strain.

But Markel Group has grown differently. The company operates across three strong branches: insurance underwriting, public equity investing, and Markel Ventures—its private investment arm. Together, these areas form a synchronized structure built for endurance, allowing the company to compound capital steadily across a wide range of economic environments.”

ALL I WANT FOR CHRISTMAS IS DIVERSIFICATION

“During the holiday season, one song that is always playing is “All I Want for Christmas Is You” by Mariah Carey. It plays in stores, on the radio, and across streaming platforms with remarkable consistency each year. When I hear it now, I can’t help but smile. Not just because it’s a holiday staple, but because it’s a reminder of how music quietly generates value over time. Music tends to fade into the background of our lives, following us through commutes, workouts, and quiet moments without much thought about what happens behind the scenes.”

QUBE’S PROXY VOTING 2025

“Qube takes an active approach to representing your best interests through proxy voting for companies held in our Kaleo portfolio. Each proposal is carefully evaluated to reflect high standards for corporate accountability in the areas of governance, environmental impacts, and social issues. In 2025, we voted on management and shareholder resolutions for 37 companies in our portfolio. (Proxy reports for five other companies were delayed due to postal strikes and could not be voted.)”

Qube Insights: Equity Research Traffic Lights

Transparency is prized here at Qube. At the back of every Commentary, you’ll find our traffic lights. They indicate which companies are held in our Kaleo portfolios, which are not, which we would consider buying, and which we would consider selling.