Market CommentaryInvestingTrending Topics 2021 4th Quarter Commentary: “A Bit of Déjà Vu” January 11, 2022Recap A reasonable person could sit here at the end of 2021 and have a…
Market CommentaryInvestingTrending Topics 2021 3rd Quarter Commentary: “Updating an Outdated Jigsaw Puzzle” October 19, 2021In this letter: We take a break from the U.S. to focus on markets overseas…
Market CommentaryInvestingTrending Topics 2021 2nd Quarter Commentary: “The Permanent Debate of Transitory Metrics” July 15, 2021In this letter: Monetary and fiscal policy remain very accommodative, translating to elevated valuations across…
Market CommentaryInvestingTrending Topics 2021 1st Quarter Commentary: “Modern is the Setting, Not the Theory” April 22, 2021In this letter: A discussion of Modern Monetary Theory. While interest rates are back up,…
Market CommentaryInvestingTrending Topics 2020 4th Quarter Commentary: “2020: Happily In Hindsight” January 19, 2021In this letter: As 2020 ends, the contrast between solid financial markets and the ravages…
Market CommentaryInvesting 2020 3rd Quarter Commentary: “The Gorillas are Not Bigger Than the Room” October 19, 2020A Full Troop of 800-Pound Gorillas: Elections, Taxes, COVID-19, and the Markets In this letter:…
Market CommentaryInvesting 2020 2nd Quarter Commentary: “Another Ride on the Roller Coaster?” July 21, 2020At A Glance Volatility from the first quarter bled into the second, though this time…
Market CommentaryInvesting 2020 1st Quarter Commentary: “Poorly Drawn Corollaries” April 13, 2020There is no way to cover everything in one letter. There never is. Many of…
Market CommentaryInvesting 2019 4th Quarter Commentary: “Farsighted Expectations” January 28, 2020The last time a balanced 50% stock/50% bond portfolio performed better than in 2019 was…
Market CommentaryBehavioral FinanceInvesting 2019 3rd Quarter Commentary: “The Recession is Coming! The Recession is Coming! What is a Recession Anyway?” October 29, 2019One of our least favorite things about investing is the remarkable imprecision of language. There…
Market CommentaryBehavioral FinanceInvesting 2019 2nd Quarter Commentary: “From Fear to FOMO” July 24, 2019It was just over six months ago that we penned a piece about the then…
Market CommentaryBehavioral FinanceInvesting 2019 1st Quarter Commentary: “When Hindsight Isn’t 20/20” April 12, 2019“Before, You Are Wise; After, You Are Wise. In Between, You Are Otherwise.” -David Zindell…
Market CommentaryInvesting 2019 Q1 Investment Letter April 1, 2019Markets rebounded sharply from their 4th Quarter 2018 swoon. A balanced equity/fixed income investor is…
Market CommentaryBehavioral FinanceInvesting 2018 4th Quarter Review: “Holidays, Goldilocks, Resolutions and Strolling Along the Laffer Curve” January 16, 2019In the grand scheme of things, this holiday season was probably no different from those…
