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.
Mid-Quarter Update - August 2024
Since our last update, there have been meaningful shifts in the way investors are looking at the state of the economy.
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.
Mid-Quarter Update - May 2024
The reality is that returns are never earned in a straight line or on schedule. The important thing is to be sure the right companies are owned so that when the return picture brightens, our portfolios will participate.
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.
Mid-Quarter Update - February 2024
Regardless of what happens in the economy and markets over the short term, these investment success factors provide a level of confidence for our investors to remain appropriately invested.
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.
Mid-Quarter Update - November 2023
A quick review of U.S. economic activity presents a promising picture at this point in the year. Second quarter real Gross Domestic Product (GDP)...
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.
Mid-Quarter Update - August 2023
A quick review of U.S. economic activity presents a promising picture at this point in the year. Second quarter real Gross Domestic Product (GDP)...
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.
Mid-Quarter Update - May 2023
The rising tide of optimism that was evident in January is being followed by a period of uncertainty around what is ultimately required for the Federal Reserve (Fed) to complete their work.
