Small-Cap Rotations, Structural Inflation, and the SpaceX Frontier - 06/13/2026

John Berkley and the investment committee analyze a significant market rotation where small-cap stocks are outperforming mega-cap growth. The team explores "structural inflation" as a permanent government tool and discusses how AI-driven productivity gains might shift the labor market toward skilled trades. A major focus is the historic SpaceX IPO, highlighting the triumph of free enterprise over decades of government stagnation. Finally, they contrast cooling real estate markets in Florida and Texas with the stability of the Midwest, emphasizing a disciplined, value-based investment approach.