Client Investment Letter April 2025

“An economy built on endless consumption and debt is fundamentally unsustainable.” – Ray Dalio   Things that are unsustainable, by definition, must change. Decades of unchecked government spending, coupled with a lack of fiscal restraint, have pushed the U.S. balance sheet to its limits. Too much debt restrains economic growth, limits the flexibility for countercyclical […]

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Client Investment Letter October 2024

“The only function of economic forecasting is to make astrology look respectable.” – John Kenneth Galbraith     While jokes about wrong-way economic projections almost write themselves – like the time inflation was confidently called “transitory” just before spiking to 9% – this quarter, central bankers both home and abroad reminded us of their power […]

Read More… from Client Investment Letter October 2024

Client Investment Letter July 2024

“The least productive people are usually the ones who are most in favor of holding meetings” — Robert Solow, American Economist   The world is abuzz with a groundbreaking technology promising immense productivity gains.  Every company is exploring it. Startups are popping up all over the place to take advantage of it. One company has […]

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Client Investment Letter January 2023

“[Interest rates] act on financial valuations the way gravity acts on matter: The higher the rate, the greater the downward pull.” – Warren Buffett   The path towards normalizing interest rates in 2022 reasserted the force of gravity on asset prices.  Since 2008, the Federal Reserve and other central banks have engaged in extremely low […]

Read More… from Client Investment Letter January 2023