Quarterly Market Commentary

Filters

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2021 3rd Quarter Commentary: “Updating an Outdated Jigsaw Puzzle”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

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 q2

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 q1

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 ...

2019 q4 commentary

2019 4th Quarter Commentary: “Farsighted Expectations”

The last time a balanced 50% stock/50% bond portfolio performed better than in 2019 was back in 1997 Market observers ...

recession

2019 3rd Quarter Commentary: “The Recession is Coming! The Recession is Coming! What is a Recession Anyway?”

One of our least favorite things about investing is the remarkable imprecision of language. There are so many terms like ...