Client Investment Letter January 2019

“The snow doesn’t give a soft white damn whom it touches.” — E.E. Cummings. Like a blizzard that speeds across the plains stranding the unsuspecting traveler, December brought extremely tumultuous weather in the markets.  In fact, it was the worst December since 1931 for the broad U.S. equity market indices.  Thankfully, your portfolio has been […]

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Client Investment Letter October 2018

U.S. stocks continued their levitation act during the third quarter, driving the major indices to new all-time highs in both price and valuation. Your portfolio participated in kind and had a nice quarter, too. Risk appetite is as intense as ever, as seen in tight corporate bond spreads despite deteriorating credit quality, last year’s crypto […]

Read More… from Client Investment Letter October 2018

Client Investment Letter January 2018

“I doubt if you can have a truly wild party without liquor.”– Carl Sandburg 2017 was a year of celebration for financial markets. The S&P rose every single month of the year for the first time in history. Asset prices globally, from old world properties to newfangled cryptocurrencies, soared, and generally the riskier the asset, […]

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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 […]

Read More… from Client Investment Letter June 2017