Quarterly Market Commentary

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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 ...