In this issue of Owner to Owner, we review the business environment entering 2026, revisit the five Cs of credit, and learn about Tom Ripley’s journey from the Marine Corps to CEO of Ames Watson. We also discuss how U.S. history offers valuable lessons for today with author and historian Jon Meacham and explore how to attract and retain senior-level executives in a closely held business.

Jon Meacham, Pulitzer Prize-winning author and historian, explores what 250 years of U.S. history can teach us about progress vs. perfection and leadership in today’s politics, business environment, and society.

From covenant-lite loans to artificial intelligence underwriting, credit analysis has changed. The foundations of good credit haven’t. In this issue’s feature article, Partner Lewis Hart revisits the five Cs of credit and discusses why the first C – character – remains essential.

Michael Conti, Will Mooney, and Christy Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

In our first outlook of 2026, we analyze the global macro forces, ranging from fiscal strain to shifting currency dynamics, redefining investment considerations for the year and beyond. We also explore Vietnam’s economic transformation with rising investor interest, structural reforms, and long‑term ambitions reshaping the country’s growth trajectory in a special feature on emerging markets.

Evolving market dynamics are creating opportunities for global investors and BBH experts are discussing what you need to know.

In the feature article of this issue of InvestorView, Partner and Chief Investment Strategist Scott Clemons looks at the global economy as regionalization, rather than globalization, increasingly becomes the norm.

Partner and Chief Investment Officer (CIO) Justin Reed and Principal and Deputy CIO Ilene Spitzer discuss the emerging risks and opportunities that are top of mind for 2026.

In this issue of InvestorView, we discuss the implications of regionalization on the global economy and take stock of the economy, markets, and investments as we enter the new year. We also highlight five trends in fixed income we’ll be watching in 2026 and review how investors and founders can take advantage of the qualified small business stock benefits.

Portfolio Managers, Neil Hohmann, Chris Ling, and Andrew Hofer provide an analysis of the investment environment and most recent quarter-end results of the Structured Fixed Income strategy.