Looking Back at a Rocky First Half of 2022
2Q 2022 Recap & 3Q 2022 Outlook Financial markets remained unsettled and volatile during the second quarter. The stock market’s trend...
- Apr 5
Recapping the Bumpy 1Q 2022 Ride
This quarter’s letter recaps the bumpy first quarter ride and discusses the key market themes impacting your portfolio.
- Jan 5
Fourth Quarter Recap & First Quarter Outlook
Stock Market Themes Carry into Fourth Quarter The fourth quarter was a mixture of all the investment themes that defined 2021. Consumer...
- Oct 6, 2021
Delta Variant Signals the Pandemic’s Continued Grip
The highly transmissible delta variant grabbed headlines during the third quarter. Figure 1 shows the number of daily new confirmed Covid-19
- Jul 6, 2021
Economic Rebound Continues as Economy Reopens
Second Quarter Recap & Third Quarter Outlook The reopening pace accelerated during the second quarter. Rising vaccination rates allowed...
- Apr 12, 2021
Pandemic Passes One-Year Anniversary Mark
First Quarter 2021 Recap & Second Quarter Outlook One-year after the pandemic first struck, the U.S. is making positive progress in...
- Feb 17, 2021
Irrational Exuberance: 25 Years Revisited
The Robin Hood of Sherwood Forest who most of us grew up reading about in Aesop’s Fables, was infamous for robbing the rich to provide...
- Jan 6, 2021
Vaccine Optimism Paves the Way for a Historic Comeback in 2020
The most tumultuous year in recent memory ended on a high note for markets as the fourth quarter brought political and medical clarity,...
- Oct 2, 2020
Optimism Drives Stocks to New Highs Amid Uncertainty in the 3rd Quarter
We hope that this letter finds you safe and healthy during these still-unprecedented times. 2020 continued to be one of the most...
- Jul 2, 2020
Market Rallies in the Face of COVID Crisis and Massive Unemployment
Markets staged a historic rebound in the second quarter driven by an initial peak in the growth of coronavirus infections in April,...
- May 15, 2020
Are We Headed For a Depression?
Perspective And Strategies To Consider In Today’s Environment If we look back at past depressions in U.S. history, there are some...
- Apr 13, 2020
The Fed Announces a Fresh Round of Stimulus
On April 9th, Jerome Powell and the Federal Reserve announced $2.3 trillion in new programs to support the US economy. These programs add...
- Apr 6, 2020
Investors Endure Historic Volatility in the First Quarter
First and foremost, we hope this letter finds you, your family and loved ones healthy and safe. In keeping with our quarterly tradition,...
- Mar 18, 2020
6 Tips to Navigate Volatile Markets
When markets get choppy, it pays to have an investing plan and to stick to it. 1. Keep perspective: Downturns are normal and typically...
- Mar 10, 2020
Oil Prices Plunge and Global Markets Reel
“Bear Markets are when stocks return to their rightful owners.” – Warren Buffett Global equity markets careened on Monday following more...
- Mar 2, 2020
The U.S. Market Hit its Most Recent Peak Followed by a Tumultuous Sell-off.
Approximately two weeks ago we shared our commentary, “Stay Over Your Skis.” Only four days later, the U.S. market hit its most recent...
- Feb 14, 2020
Stay Over Your Skis
Outside my office window it still looks like the bleak mid-winter, despite Punxsutawney Phil’s prediction of an early spring. During...
- Jan 7, 2020
Trade Clarity and Interest Rate Cuts Lead to Big Returns in 2019
Markets welcomed the positive resolution of several key macroeconomic unknowns in the fourth quarter, and that improved clarity sent the...
- Oct 7, 2019
Markets Resilient Again in Third Quarter
Markets in the third quarter of 2019 looked surprisingly similar to the second quarter as more U.S.-China trade war uncertainty and a...
- Jun 8, 2019
Stocks Remain Resilient Despite Rising Volatility
Volatility returned in the second quarter as uncertainty regarding U.S.-China trade relations, future Federal Reserve interest rate...