2018 Q1 letter: Why the roller-coaster market is back.
As we noted in our 2017 year-end review, we expect 2018 to be a tough year for the domestic stock market. Rising interest rates and valuation concerns are going to be the major... READ MORE
Income inequality is rising in America, and corporate boards are to blame.
That’s what I read into the comprehensive analysis of individual income tax returns by Bakija, Cole and Heim. The Washington Post has coverage of their work. The work is a damning indictment of the... READ MORE
What should investors make of the big drops in the stock market.
Dear Friends, We rarely deliver a mid-quarter email, but the last two days of large drops in the equities markets and recent conversations with clients have prompted us to provide this update. On... READ MORE
2018 Economic Themes: Machines, Bitcoins, Space and Technology.
Dear Friends, We trust you’ve had a wonderful holiday season and a good start to the New Year. As we dig ourselves out from one of the first winter storms and a biting... READ MORE