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The 2023 Banking Crisis: A Wake-Up Call

The 2023 Banking Crisis: A Wake-Up Call

Dear friends, The first quarter of 2023 was eventful, baffling and utterly predictable all at the same time. As with all manias, the bubble in crypto currencies finally burst last year and financial markets are seeing the repercussions. Unsurprisingly, the retrenchment in crypto currency prices exposed weaknesses and fraud. Crypto exchanges, service providers and investment …

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2022: A Year of Turbulence for Investors

2022: A Year of Turbulence for Investors

Dear friends, We hope you’ve had a chance to spend some time with friends and family over the holidays. As we begin 2023, many investors are looking back at 2022 as a year they are more than happy to see come to a close. 2022 broke a multi-year streak of positive returns for equity markets …

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How to Protect Your Portfolio in a Bear Market

How to Protect Your Portfolio in a Bear Market

Dear friends, The 3rd quarter saw the US markets continue to be dogged by persistently high inflation with levels not seen since the early 1980’s. The underlying cause is partly lingering supply chain issues with a large contribution (over 60%) coming from energy and auto-related costs. Some of the supply chain issues (which began cropping …

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The Impact of Inflation on the US Markets

The Impact of Inflation on the US Markets

Dear friends, We hope you’re enjoying a pleasant summer with friends and family. As we enter the third quarter of 2022, we are reminded of Lenin’s words on the Russian Revolution: “there are decades when nothing happens, and weeks when decades happen”. Events in the last three months have certainly fit into the latter category. …

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The Global Economy in 2022: A Year of Turbulence and Uncertainty

The Global Economy in 2022: A Year of Turbulence and Uncertainty

Dear friends, The first three months of 2022 have been very eventful in global affairs. The concerns surrounding the global spread of the Omicron variant have faded and been replaced with the surprising invasion of Ukraine by Russian forces followed by the unexpectedly robust retaliatory economic sanctions imposed by the US and EU. As with …

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The Dangers of Overvalued Technology Stocks

The Dangers of Overvalued Technology Stocks

Dear friends, We hope you and your family have enjoyed a restful holiday season and a good start to 2022. For investors, the new year comes with many continuing questions around trends in public health, government monetary policy and the rising cost of goods and services. Perhaps weighing most heavily on investors’ minds is the …

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The Stock Market is Bubbling: What Investors Need to Know

The Stock Market is Bubbling: What Investors Need to Know

Dear friends, We trust you and your family have stayed healthy and are enjoying the summer thus far. The second quarter saw major stock market indices maintain an almost uniformly upward trajectory. In our view, this expansion has been driven by three primary factors: 1. A recovery in business earnings 2. Accommodative fiscal policy 3. …

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The Pandemic’s Impact on the Global Economy

The Pandemic’s Impact on the Global Economy

Dear friends, We hope this spring has brought you and your families a welcome respite from what was a hard, and isolating winter for many. As we look forward to the course of this year, most observers are cautiously optimistic that the impact of the COVID-19 pandemic will steadily fade. As the pace of vaccinations …

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Sleeping Beauty’s castle

Sleeping Beauty’s castle

Dear Friends, In the new year, we had hoped to put behind us the volatile political situation that has afflicted our country for the past several years. Unfortunately, the events of the past week have dashed those hopes. A violent attack on Congress has shaken many of our institutions. A few years ago, it would …

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The Sleeping Beauty Market: Is the Bull Run Over?

The Sleeping Beauty Market: Is the Bull Run Over?

Dear friends, As we reached the end of a year more tumultuous than most, we were reminded of the paramount importance of health. We trust you and your loved ones have remained healthy through the pandemic, and hope the new year will bring us all relief from the many challenges 2020 presented. In the new …

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Two roads diverged in the woods.

Two roads diverged in the woods.

Dear Friends, The third quarter saw bond and equity markets remain at opposite extremes in response to continued difficult economic conditions. Bond markets are signaling a long recession ahead, with interest rates projected to remain below 1% for the next several years. Equity markets, in sharp contrast, are priced near all time highs, despite a …

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The State of the Economy in 2020: A Cautious Outlook

The State of the Economy in 2020: A Cautious Outlook

Dear friends, We hope you and your family are all well. The third quarter saw bond and equity markets remain at opposite extremes in response to continued difficult economic conditions. Bond markets are signaling a long recession ahead, with interest rates projected to remain below 1% for the next several years. Equity markets, in sharp …

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It was the best of times, it was the worst of times.

It was the best of times, it was the worst of times.

Friends, The past several months have been a very challenging time bringing dramatic changes to all our working and personal lives. We hope you and your family are safe and in good health. In the capital markets world, the past quarter has been nothing short of remarkable. In March, we saw the quickest descent into …

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The Future of Investing in a Post-Pandemic World

The Future of Investing in a Post-Pandemic World

Dear friends, The past several months have been a very challenging time bringing dramatic changes to all our working and personal lives. We hope you and your family are safe and in good health. In the capital markets world, the past quarter has been nothing short of remarkable. In March, we saw the quickest descent …

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