
June 2021 | Quarterly Letter
During the second quarter both stock and bond investors had much to assess.

May 2021 | Mid-Quarter Update
As we approach the middle of the second quarter there is plenty of economic and financial market news worthy of comment.

March 2021 | Quarterly Letter
The first quarter was one of the more active ones in recent memory.

February 2021 | Mid-Quarter Update
We are pleased to forward our mid-quarter update on developments within the economy and financial markets.

December 2020 | Quarterly Letter
Considering the circumstances of the year, most investors would agree that 2020 turned out better than expected from a return standpoint

September 2020 | Quarterly Letter
The third quarter was another positive one for the financial markets.

June 2020 | Quarterly Letter
The first half of 2020 will long be remembered as one of the more unusual and difficult periods in investment history.

March 2020 | Quarterly Letter
It is difficult to overstate the travail that the United States was forced to endure in the first quarter of the year

December 2019 | Quarterly Letter
2019 provided investors with financial market conditions that few could have imagined.