All Gas, No Brakes | Steve Henderly, CFA
Printer Friendly PDF: September 2025 Commentary
Sports teams love slogans – some memorable, some regrettable. One of the more overused in recent years is the phrase “All Gas, No Brakes”. Catchy yes, but good advice? Probably not. “All Gas, No Brakes” seems apt for describing markets since mid-April: surging forward with little hesitation, fueled by optimism around rate cuts, artificial intelligence, and resilient corporate earnings. The trouble is, cars – and markets – need brakes. Without brakes, even the best things can become unstable. With the return of football and other fall activities, it seems forgivable to again draw analogies between sports and investing.