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 …
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. …
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 …
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 …
Dear friends, We hope you and your family have enjoyed a pleasant summer. The third quarter began with risk assets continuing their relentless march upwards as US stock indices touched all time highs at the end of August. September, however, saw a bit of a reversal as the S&P 500 fell by approximately 5% on …
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: Earnings of large American companies have indeed rebounded over the past …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
There are decades where nothing happens; and there are weeks where decades happen — V.I. Lenin We hope you and your family are healthy and safe during this time. The past quarter in the markets has been one of those periods where days can seem like years, and weeks like decades. We entered 2020 with …
Dear friends, We hope you and your family are healthy and safe. The past quarter in the markets has been one of those periods where days can seem like years, and weeks like decades. We entered 2020 with risk assets, including stocks and high yield bonds, trading at all time highs. Stocks reached lofty valuations …