White Brook Capital's Q3 2026 investor letter expresses cautious optimism. Its Ethical All-Cap Strategy has outperformed, while the Small Cap Strategy has lagged because of execution delays, higher interest rates, and market pressure. You can download a copy of the letter here. The economy remains resilient, supported by AI infrastructure investment, consumer spending, healthcare research, transportation, and construction, but rising rates, energy and labor costs, fiscal deficits, trade conflicts, and geopolitical tensions are raising questions. White Brook's AI thesis is "yet": AI has not fundamentally transformed employment, education, corporate margins, or global competition, although its impact may accelerate.
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