2016 Investment Themes: An Uphill Battle

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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

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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

2015 year-end review of themes

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    Overall, we did well on our call for 2015. We were right on six, half right on three others and had one wrong. In general, the year lived up to our... READ MORE