Client Investment Letter October 2017

“Habit rules the unreflecting herd.” – William Wordsworth Perhaps simply out of habit, risk-on trades continued in the third quarter as the herd pushed assets to new highs. Speculative fervor, both man-made and computer generated, drove everything from small cap stocks to junk bonds, cryptocurrencies, real estate and even thoroughbred horses. The rapid growth of […]

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Client Investment Letter June 2017

“First slowly, then suddenly.” – Ernest Hemmingway It has been another quarter of slow growth with few apparent changes in the market’s “no worries” attitude. The Federal Reserve persists in its gradual campaign to remove emergency accommodative monetary policy still in place, hiking interest rates in March and again in June, the fourth of this […]

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Client Investment Letter

2013 had a healthy start with markets generally rising on the back of improved fundamentals such as higher rates of employment, better consumer sentiment and retail sales, low inflation, and the comfort of $85 billion in monthly asset purchases by the Federal Reserve keeping the system full of liquidity to drive asset prices higher. However, […]

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