2017 Q1 letter: Renewable energy in the Trump era
Dear Friends, The first quarter of 2017 was full of eventful news for markets. We saw a Fed rate hike, record low unemployment rates, all time highs for US equity markets and a... READ MORE
Q4 2016 letter
Dear Friends, We hope you have had a good start to the New Year and wish you the best for 2017. As always, in our first letter of the year we have attached... READ MORE
2017 Themes: The Doldrums
Fed stays the course: We expect the Federal Reserve will continue to raise rates as stated. We expect the Fed-Funds rate to rise above 1.5% over the course of 2017. Equities Caution: We... READ MORE
2016 investment themes reviewed: “An Uphill Battle”
This was a difficult year for our prognostications. We were wrong (or early) on core calls including rising interest rates and an equities bear market, that undercut many other themes that relied on... READ MORE