Full Throttle Q2 Economic Roundtable Recap
What a room.
This was designed to be a roundtable at scale, bringing together the right people for real conversation. That is exactly what showed up. Engagement was high, perspectives were challenged, and at several points the room truly came alive.
That is where the value is created. Not in one-way commentary but shared thinking that builds informed confidence.
THE BACKDROP: A SPLIT ECONOMY
We opened with a macro view of what continues to be a K-shaped recovery.
The top 20 percent of earners now generate over half of U.S. income and drive more than a third of total consumption. Their behavior is disproportionately influencing the direction of the economy, and importantly, that behavior has remained consistent.
Earlier expectations for 2026 included tailwinds from lower rates, tax refunds, and residual stimulus. Those have largely been absorbed by inflation and higher borrowing costs.
Even so, the higher the income, the steadier the consumer remains. That continues to support expansion.
HOUSING: STABILITY WHERE IT COUNTS
Housing remains one of the most important signals in the system.
Mortgage delinquencies are low. Employment remains strong. Those two factors continue to reinforce a stable foundation.
There are areas of stress, but they are concentrated at lower income levels. Higher-income households are not pulling back in a meaningful way.
The takeaway is straightforward. There are pressures in parts of the system, but not in the segment that is driving this cycle.
AI: REAL-TIME ACCELERATION
This was one of the most engaging parts of the discussion. The conversations quickly moved beyond theory and into application. The speed of change is no longer incremental. It is immediate.
Tasks that previously required up to 60 minutes of human effort can now be completed almost instantly. This shift has been fueled by tens of billions of dollars in investment from major technology firms. We framed this through a historical lens. The Industrial Revolution did not eliminate labor. It reallocated it. AI appears to be following a similar path, though at a much faster pace.
Questions centered on white-collar work, productivity, and corporate margins. The conclusion was clear. This shift is already happening and will continue to compound.
INVESTOR POSITIONING: THE GAP
We closed with where investors are positioned today.
Even as wealth grows into the 5 to 30 million range, most investors remain heavily allocated in public markets and under-allocated to alternatives. There's a myth that at a certain level, this changes.
We can, however, contrast this with the fact that ultra-high net worth investors and family offices typically hold approximately 78 percent in public securities and 22 percent in alternatives following liquidity events.
The pattern is consistent. Concentration builds wealth. Diversification protects it.
Many investors execute the first phase well and delay the second.
WHAT STOOD OUT
The energy in the room.
The willingness to engage, question, and challenge ideas is what made this different. That dynamic is what turns a typical event into something meaningful. We appreciate everyone who contributed to that.
A sincere thank you to Aristocrat Motors for hosting us inside their remarkable museum and adding the perfect amount of octane to the experience!