“There is nothing permanent except change.” – Heraclitus Heraclitus probably didn’t imagine future capital markets when he is thought to have said the quote above, but his ancient Greek wisdom remains applicable. Nothing in the markets is eternal, and in our opinion some previously popular views that have sustained the market are beginning to wobble. […]
Category: newsletter
Client Investment Letter July 2021
“He can thread a needle with a well-turned phrase.” – Don Hewitt, creator of 60 Minutes The Federal Reserve is in a tight spot. Having “saved the world” with extremely aggressive policy action during the coronavirus pandemic, the U.S. economy is now recovering rapidly. It is improving so quickly, in fact, that shortages of key […]
Client Investment Letter April 2021
“Inflation is the process that enables you to live in a more expensive neighborhood without going to the trouble of moving.” – A.W. Claussen During the first quarter, stocks continued their march to all-time highs as vaccine rollouts and declining case and hospitalization rates bring some version of “normal” in sight. It’s a race against […]
Client Investment Letter January 2021
“You can’t always get what you want, but if you try, sometimes, you might just find, you get what you need.” – The Rolling Stones 2020 was emphatically a year nobody wanted. But we got what we needed to make it through. Namely, we received huge support from the Federal Reserve with a one-two […]
Client Investment Letter October 2020
“Healing is a matter of time, but it is sometimes also a matter of opportunity.” – Hippocrates Time heals all wounds, as they say. We are now six months removed from the onset of the pandemic and economic seizure, and though things are far from healed, there is now a line of sight to something […]
Client Investment Letter July 2020
“Over every mountain there is a path, although it may not be seen from the valley.” –Theodore Roethke Without a doubt 2020 has been a very difficult year and we are only halfway through. For the most part, this difficulty does not show in your portfolio. In fact, if you looked at your statement on […]
Client Investment Letter April 2020
“There are decades where nothing happens, and there are weeks where decades happen.” We hope this letter finds you in good health. It has been just a few weeks since our last letter to you, but these days a lot happens very quickly. It now appears that the peak of the epidemic is just a […]
Client Investment Letter January 2020
“Gravity is a habit that is hard to shake off.” -Terry Pratchett 2019 came in like a lion and went out like a lamb. This time last January, investors were worrying about a significant market swoon driven by fears of higher interest rates, the impact of quantitative tightening as the Fed began unwinding its […]
Client Investment Letter October 2019
“Fundamentals make the market.” – T. Boone Pickens The third quarter is now behind us. Fall is here and with it, cooler weather, football, the State Fair, and memories of delightful summer travel recently completed. Which got us thinking about the difference between a trip and a journey. A trip generally refers to […]
Client Investment Letter July 2019
“The heart of man is made to reconcile the most glaring contradictions.” – David Hume If there is one concept that defines the markets right now it is that of cognitive dissonance. For those who aren’t psychologists, Merriam-Webster aptly describes cognitive dissonance as a “psychological conflict resulting from incongruous beliefs and attitudes held simultaneously.” […]
