- Q1 2026 Commentary U.S. equities retreated after airstrikes against Iran disrupted Strait of Hormuz shipping and drove an energy shock. Private Capital Management expects oil-driven inflation and uncertainty to restrain growth, while arguing that earnings, AI investment, tax incentives and regulatory conditions still support long-term equity fundamentals. Q1 2026 —
One letter so far. We collect each new one as Private Capital Management publishes it.
