QV Investors Q3 2026 Market Letter

For most of the past fifteen years, borrowing costs were very low, leading many investors to think that low interest rates were normal. In recent months, the cost of money has risen sharply again, showing how quickly conditions can change. The 10‑year U. S. Treasury rate has reversed its trend since the pandemic.

For most of the past fifteen years, debt was close to free. This conditioned a generation of investors to believe that very low interest rates were the natural order. Historically, this hasn’t been the case. The past few months have been a sober reminder of how quickly conditions can change. Since the pandemic, the cost of money has reversed sharply, with the 10-year U.

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