Q1 2020 QUARTERLY LETTER – APRIL 2020
In this letter, we will provide a real time update on COVID-19 and its impact, touch on the near-term projected economic impact, look at the fiscal and monetary response, provide a sober, objective range of timeframes for “normalization” and finally touch on some longer themes as we try to distinguish between what will go back to normal and what is likely permanently changed. The nature of this crisis and the extraordinary measures taken in response are likely to create major long-term implications for global supply chains, social policy, inflation, etc.
Q4 2019 QUARTERLY LETTER – JANUARY 2020
In our year end quarterly letter, we have a little fun, touching on everything from Hank Williams and Waylon Jennings to Fred Rogers. We also discuss the driving force behind strong returns across many asset classes in 2019. Compared to 2019, we wouldn’t be surprised if volatility were to reemerge at some point in 2020. We also explore some non-consensus themes and opportunities we have been researching, including unexpected signs of inflation, international value plays as well as an out of favor sector, energy.
Q3 2019 QUARTERLY LETTER – OCTOBER 2019
In this quarter’s letter, we review the strong performance across most asset classes year to date, the driving force behind the performance, take a look at recent industrial weakness globally, the state of the US consumer and overall debt levels.
Video Preview: Q2 2019 Quarterly Letter
CIO Mat Klody gives a preview on the topics discussed in his 2Q19 quarterly letter.
Q2 2019 QUARTERLY LETTER – JULY 2019
In our second quarterly letter of 2019, we highlight some interesting takeaways from the time we spent on the road. We explore some provocative outside opinions surrounding the 60/40 allocation, inefficiencies of US equities, and other interesting topics.
Q1 2019 QUARTERLY LETTER – APRIL 2019
In our first quarterly letter of 2019, we highlight the driver of the sharp bounce in the market during the first quarter - mainly the Federal Reserve (Fed) pivot.
After the worst year in a decade, housing stocks are poised to have a banner year
December new home sales were disappointing, but long-term tailwinds persist
Targeted Digital Ads Work for Consumer Brands. Can They Work for Advisors?
Dynasty Financial has unveiled a program to help its RIAs use cutting-edge digital marketing, pinpointing prospects where they live, both online and in real time.
