2020 4th Quarter Commentary: “2020: Happily In Hindsight”
In this letter: As 2020 ends, the contrast between solid financial markets and the ravages of COVID-19 continued Both equity ...
2020 2nd Quarter Commentary: “Another Ride on the Roller Coaster?”
At A Glance Volatility from the first quarter bled into the second, though this time to the upside. Equity markets ...
2020 1st Quarter Commentary: “Poorly Drawn Corollaries”
In this letter: A rush for the exits drains liquidity from most equity and fixed income markets resulting in a ...
2021 1st Quarter Commentary: “Modern is the Setting, Not the Theory”
In this letter: A discussion of Modern Monetary Theory. While interest rates are back up, the rebound in risk-assets continues ...