News & Commentary

Teaching our clients how to control their capital and improve their decision-making includes keeping them informed. We are committed to providing relevant news and commentary about the markets, our firm and our recommendations.

Q1 2020 QUARTERLY LETTER – APRIL 2020

April 10, 2020 437C1265-82C5-45C7-B7CA-7C49907FFC5B Created with sketchtool. PDF fil e

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

January 9, 2020 437C1265-82C5-45C7-B7CA-7C49907FFC5B Created with sketchtool. PDF fil e

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.