Quarterly Market Commentary

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Q4 2023 market commentary

2023 4th Quarter Commentary: “A Welcome Return to Positive Performance”

Recap Last year was generally risk on in most asset classes, headlined by the S&P 500 up over 20%. Indices ...

Q3 2023 commentary

2023 3rd Quarter Commentary: “Rising Rates from A to ZIRP”

Recap The third quarter brought back volatility after a first half rebound, with stocks and many bonds giving up some, ...

Q2 2023 commentary

2023 2nd Quarter Commentary: “A Welcome Return to Precedented”

It would be avant-garde if we had ChatGPT write this quarterly letter. Alas, we did not. Humans still write this ...

2023 1st Quarter Commentary: “Bank to the Future”

The curse of living in interesting times has continued at the start of 2023 with the intersection of banking running ...

2022 4th Quarter Commentary: “The Year in Review”

Throughout this year, we have spent significant time discussing inflation and the Federal Reserve, so we felt it was important ...

2022 3rd Quarter Commentary: “When Does the Song Change?”

Recap When we all look back at our quarterly notes written throughout 2022, there will be a common refrain. It ...

q2 2022 commentary

2022 2nd Quarter Commentary: “Inflation Has Everyone on Edge – What Comes Next? ”

Recap In a continuation of the first quarter, stocks and bonds struggled to find any sort of traction in the ...

q1 2022 commentary

2022 1st Quarter Commentary: “Bound by Bonds”

We relayed a note in late February discussing the war in Ukraine, our thoughts, a few points on markets, and ...

q4 2021 commentary

2021 4th Quarter Commentary: “A Bit of Déjà Vu”

Recap A reasonable person could sit here at the end of 2021 and have a sense of Groundhog Day – ...

Q3 2021 commentary

2021 3rd Quarter Commentary: “Updating an Outdated Jigsaw Puzzle”

In this letter: We take a break from the U.S. to focus on markets overseas by looking at a dated ...

Q2 2021 commentary

2021 2nd Quarter Commentary: “The Permanent Debate of Transitory Metrics”

In this letter: Monetary and fiscal policy remain very accommodative, translating to elevated valuations across markets. A new industry catchword ...

Q1 2021 commentary

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 ...

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