“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 […]
Category: newsletter
Client Investment Letter April 2024
“You ask what is our aim? I can answer in one word: Victory. Victory at all costs, victory in spite of all terror; victory, however long and hard the road may be. For without victory there is no survival.” – Winston Churchill Fed Chair Jay Powell is no Winston Churchill. For all intents and […]
Client Investment Letter January 2024
“It was never my thinking that made the big money for me. It was my sitting. Got that? My sitting tight.” – Reminiscences of a Stock Operator by Edwin Lefèvre As we close out 2023, the tumult of a brutal 2022 when stocks and bonds both went down substantially seems far away. Once […]
Client Investment Letter October 2023
“The ideal policy would bring about a soft landing, with inflation subsiding without a recession. But this is a difficult task to accomplish.” – Robert Hafer, St. Louis Fed, May 1971 The above quote is thought to be the first time that the aeronautic term was applied to economics. It has since become […]
Client Investment Letter July 2023
“When you are in the eye of the storm, you are often not aware of the whiplash around you.” — Hugh Bonneville In the last quarter, a sense of calm has come over the equity markets. The tumult of the first quarter of 2023, with its bank failures and high equity volatility, has […]
Client Investment Letter April 2023
“There is a lot of stuff we can’t control, but it is completely in our power to decide what the definition of a good job is. That’s up to us.” – Mike Rowe There was an old show on the Discovery Channel called Dirty Jobs where the host, Mike Rowe, traveled around the country […]
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 […]
Client Investment Letter October 2022
“Inflation is running too hot. You don’t need to know much more than that.” – Fed Chairman Jay Powell The third quarter marked the beginning of a paradigm shift as investors began questioning the path of inflation and the resolve of the central bank in responding. Since the days of Alan Greenspan, the Fed’s […]
Client Investment Letter July 2022
“We suffer more often in imagination than reality.” – Seneca, Roman philosopher We all hate uncertainty. Oftentimes we dislike it more than any of the potential outcomes. There was a study published in Nature in 2016 that demonstrated that the uncertainty of getting a small electric shock was much more stressful for people than knowing […]
Client Investment Letter April 2022
“He who wishes to fight must first count the cost.” – Sun Tzu It was an eventful quarter, to say the least, with two wars breaking out: a war in Eastern Europe and a “monetary war” here at home against overheating inflation. Russia’s invasion of Ukraine brought to the forefront geopolitical risk, the fragility of […]
