Quarterly Market Commentary

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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 ...

2019 2nd Quarter Commentary: “From Fear to FOMO”

It was just over six months ago that we penned a piece about the then market sell-off, cautioning against knee-jerk ...

2019 1st Quarter Commentary: “When Hindsight Isn’t 20/20”

“Before, You Are Wise; After, You Are Wise. In Between, You Are Otherwise.” –David Zindell Most of us are attracted ...

investment letter

2019 Q1 Investment Letter

Markets rebounded sharply from their 4th Quarter 2018 swoon. A balanced equity/fixed income investor is now flat or slightly positive ...

quarter recap

2018 4th Quarter Review: “Holidays, Goldilocks, Resolutions and Strolling Along the Laffer Curve”

In the grand scheme of things, this holiday season was probably no different from those of the past. Like many ...