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.
Mid-Quarter Update - February 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.
December 2022 | 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.
Mid-Quarter Update - November 2022
As we approach the end of a challenging year, “watching and waiting” seems an apt description of the posture of investors.
September 2022 | Quarterly Letter
2022 has been a very challenging year with bear markets in both stocks and bonds, due in large part to the excesses we discussed in our year end 2021 letter.
Mid-Quarter Update - August 2022
At midpoint in the third quarter we are very pleased that both stock and bond markets have recovered significantly from their June 30 low points.
June 2022 | Quarterly Letter
During the second quarter, both stock and bond investors were forced to endure bear market conditions.
Mid-Quarter Update - May 2022
We saw that April was a cruel month for investors in both stocks and bonds. After a brief reprieve in March, the stock market resumed its downward path.
March 2022 | Quarterly Letter
Of the many uncertainties we face, we believe the greatest is that which surrounds the potential outcome of the conflict between inflation and the Fed.
Mid-Quarter Update - February 2022
With Russia invading Ukraine, the financial markets are facing a new, near-term uncertainty.
December 2021 | Quarterly Letter
William Shakespeare, the ultimate wordsmith, is known to have invented many new words in the course of writing his plays.
Mid-Quarter Update - November 2021
Investors continue to debate the inflation issue.
