âWe suffer more often in imagination than reality.â â 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 […]
Category: newsletter
Client Investment Letter April 2022
âHe who wishes to fight must first count the cost.â â Sun Tzu It was an eventful quarter, to say the least, with two wars breaking out: a war in Eastern Europe and a âmonetary warâ here at home against overheating inflation. Russiaâs invasion of Ukraine brought to the forefront geopolitical risk, the fragility of […]
Client Investment Letter January 2022
âItâs like dĂ©jĂ vu all over again.â â Yogi Berra Another year has drawn to a close, and yet it all seems very familiar. Stock prices are still rising with the S&P 500 logging all-time highs, earnings are still recovering from the lock-down depths, the Federal Reserve balance sheet expansion is setting new records, and […]
Client Investment Letter October 2021
âThere is nothing permanent except change.â â Heraclitus Heraclitus probably didnât 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. […]
Client Investment Letter July 2021
âHe can thread a needle with a well-turned phrase.â â Don Hewitt, creator of 60 Minutes The Federal Reserve is in a tight spot. Having âsaved the worldâ 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
âInflation is the process that enables you to live in a more expensive neighborhood without going to the trouble of moving.â â 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 ânormalâ in sight. Itâs a race against […]
Client Investment Letter January 2021
âYou canât always get what you want, but if you try, sometimes, you might just find, you get what you need.â â 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
âHealing is a matter of time, but it is sometimes also a matter of opportunity.â â 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
âOver every mountain there is a path, although it may not be seen from the valley.â –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
âThere are decades where nothing happens, and there are weeks where decades happen.â 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 […]
