Adam's House View: March 2026

STRATEGIC UPDATE

Asset Allocation

  • Equities (US) Overweight (+5%)
  • Equities (EM) Underweight (-3%)
  • Fixed Income Neutral
  • Commodities Overweight (+2%)

Macro Theme

"The Productivity J-Curve": We are finally seeing the deflationary impact of AI integration in the services sector. Margins are expanding despite wage stickiness.

Core Conviction

"Long Software, Short Headcount." Companies demonstrating >20% revenue per employee growth are the new "Quality" factor.