2023 4th Quarter Commentary: “A Welcome Return to Positive Performance”
Recap Last year was generally risk on in most asset classes, headlined by the S&P 500 up over 20%. Indices …
2023 3rd Quarter Commentary: “Rising Rates from A to ZIRP”
Recap The third quarter brought back volatility after a first half rebound, with stocks and many bonds giving up some, …
2023 2nd Quarter Commentary: “A Welcome Return to Precedented”
It would be avant-garde if we had ChatGPT write this quarterly letter. Alas, we did not. Humans still write this …
2023 1st Quarter Commentary: “Bank to the Future”
The curse of living in interesting times has continued at the start of 2023 with the intersection of banking running …
2022 4th Quarter Commentary: “The Year in Review”
Throughout this year, we have spent significant time discussing inflation and the Federal Reserve, so we felt it was important …
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 …
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 …
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 …
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 – …
2021 3rd Quarter Commentary: “Updating an Outdated Jigsaw Puzzle”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 …
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 …
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 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 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 …
2024 1st Quarter Commentary: “In a world drenched in pessimism, it pays to be optimistic.”
With so much emphasis placed on negative headlines, negative developments globally, and the ability to embrace one’s inner negativity, it …