December 2025 | Quarterly Letter
Our philosophy assumes that the future is unknown and, therefore, offers a wide range of potential investment outcomes.
September 2025 | Quarterly Letter
We maintain our baseline confidence in the resilience of our economy and the ability of quality investments to accomplish your investment goals.
June 2025 | Quarterly Letter
Over the last couple of years, we learned a simple and important lesson: it is very difficult to derail the U.S. economy.
March 2025 | Quarterly Letter
While investor preferences are often shifting, at least over the shorter term, we keep our focus on the longer term and what we believe to be the best approach to investing through transitions to an uncertain future.
December 2024 | Quarterly Letter
We are not sure if we are in a new paradigm of growth for the economy, but for now things are moving in the right direction. This is good. However, we must deal with a stock market that is richly priced by historical standards and a bond market that is uncertain.
September 2024 | Quarterly Letter
We find ourselves at an inflection point in the economy. After more than two years of raising and holding the federal funds rate high, the Fed recently reduced that interest rate by 50 basis points.
June 2024 | Quarterly Letter
Currently, the good news on the economic and market fronts makes us optimistic about the future, but we also need to keep in mind the risks to the outlook.
March 2024 | Quarterly Letter
Currently, the good news on the economic and market fronts makes us optimistic about the future, but we also need to keep in mind the risks to the outlook.
December 2023 | Quarterly Letter
The unknowable aspect of the future is validated by the fact that last year the consensus forecast turned out to be very wrong.
September 2023 | Quarterly Letter
With regard to the economy and the markets, the half-full/half-empty construct applies nicely since the outlook is never crystal clear.
June 2023 | Quarterly Letter
As we make the turn at midyear, this is a good time to assess the status of the economy and financial markets and make some judgments about their prospects.
March 2023 | Quarterly Letter
In 2022 both stock and bond investors suffered bear markets. In the midst of Covid, high inflation, the war in Europe, and sharply rising interest rates, all investors were tested, and all are ready for a new opportunity in 2023.
