Robertson Stephens Weekly Commentary – August 10, 2026

The “K-shaped economy” is back in the news, mostly as a result of the attempts by government officials to deny it exists. Some economists are sympathetic to the frustration over the use of the phrase, which popped onto the scene early in the pandemic shutdown. Originally, it was intended to describe an economic recovery pattern where those who could work from home and who had assets benefiting from a rising stock market would do much better than personal service and manufacturing workers who lost employment and depleted savings. Last week, stock and bond prices were up. The S&P 500 outperformed both the MSCI EAFE non-us developed and MSCI Emerging Markets Index. The best-performing sectors in the S&P 500 were technology, materials, and industrials. Across U.S. Russell style and market-cap indices, large-cap growth performed best, but the value factor led more broadly. On the wealth planning front, we discuss how estate planning priorities evolve through each stage of life.