2017 Q2 letter: A threat to human civilization
Dear Friends, The 2nd quarter saw the Fed continue its strategy of withdrawing stimulus from the US economy. Since December 2016, the Fed has raised rates three times, bringing the target rate up... READ MORE
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