Brexit and the rise of Populist Isolationism
Friends, The second quarter of 2016 saw some stabilization in global equities after a very volatile Q1. But this calm was short-lived as the surprise results of the Brexit vote roiled markets in... READ MORE
2016 Q1 letter: Negative interest rates cap a rocky quarter
Friends, The first quarter of 2016 saw market gyrations far rockier than many prognosticators had expected. A sharp drop in commodities prices and oil in particular sparked fears of a global slow-down and impacted all asset... READ MORE
2016 Investment Themes: An Uphill Battle
Fed stays the course: We expect short term rates to rise by 1% over 2016, and believe long-term rate rises will be roughly commensurate. We believe the Fed’s board will stick with their... READ MORE
2015 Q4 letter: Enter risk center stage
After almost seven long years at effectively zero interest rates, on December 16th the Federal reserve raised rates 25 basis points and signaled a handful of similar increases to come over the course... READ MORE