Category

Market Commentary

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

Market Commentary
It was just over six months ago that we penned a piece about the then market sell-off, cautioning against knee-jerk reactions to short-term headlines such as “Worst December Since 1937” amongst others. Well, it did not take long. At 4:01 ET on Friday, June 28, a headline flashed across the Bloomberg terminal: “S&P 500 Has Best First Half of Year Since 1997.” This time around, we again urge calm, in this case against the fear of missing out, or FOMO. We often write about why we choose to be strategic investors, and will not rehash it all here, but there…
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2019 1st Quarter Commentary: “When Hindsight Isn’t 20/20”

Market Commentary
“Before, You Are Wise; After, You Are Wise. In Between, You Are Otherwise.” -David Zindell Most of us are attracted to round numbers.  Attentions peak around calendar years and familiar anniversaries that have meaning beyond the numbers themselves.  Rarely do we celebrate someone being at a company for 28.14 years or ask about performance over the last 3,147 days, but we do celebrate 20-year reunions and the beginning of a new century.  So, for a society fond of round numbers, the opportunity arrived in early March to count and reflect.  Ten.  In our experience, ten is the number kids get…
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investment letter

2019 Q1 Investment Letter

Market Commentary
Markets rebounded sharply from their 4th Quarter 2018 swoon. A balanced equity/fixed income investor is now flat or slightly positive for the two quarters from September 1, 2018 through March 31, 2019. Most major asset classes and strategies posted strong 1st Q 2019 performance. The US survived the longest Federal government shutdown in history in January, trade negotiations with China do not appear to be getting worse, different UK constituents seem to be unable to get on the same page negotiating with the EU regarding Brexit. Three months ago, investment headlines cried “December was the worst December since 1931.” Well,…
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quarter recap

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

Market Commentary
In the grand scheme of things, this holiday season was probably no different from those of the past. Like many others, my family went through some combination of joy, distress, kindness, alienation, reconciliation and everything in between (sometimes all in a matter of minutes). Ultimately, the kids were happy to be out of school and together with the family, and although they occasionally fought and complained, there were still glimpses of heartwarming Rockwellian moments. On the other end of the spectrum, the adult dinner conversations were probably more Orwellian in nature, highlighting how polarized any discussion can become. The topics…
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