Market Commentary

Q1-23 - No Peaks, No Valleys: Sage Advice From My Father

Yields on short-term instruments are the highest they have been since 2005-2007, when you regularly saw your checking account yielding around 5%.

Q4-22 – The New Normal Came in a Year Where There Was Nowhere to Hide

Fixed income, the traditional ballast of the portfolio, went from shock absorber to shock contributor. Over a decade of low-interest rates and low inflation left traditional fixed income vulnerable to a rise in interest rates.

Q3-22 – This Time Wasn't Different:
Facing the Backlash of a Pandemic

The most infamous words in finance are: this time is different. These four simple words are uttered in almost every economic, business, and investing cycle to justify valuation or price largesse of the current “darling” of the investment world.

Q2-22 – Bad Markets Don’t Last Forever:
Keeping Perspective Amid Market Volatility

When the books closed on the first half of 2022, we as investors found ourselves off to the worst six months in the equity market since 1970, but it isn't all bad; it's all about perspective.

Q1-22 – Revenge of the Volatility

The first quarter of 2022 reminded investors, market participants, and commentators that volatility in capital markets is still a very real part of investing.

Q4-21 – Over in an Instant:
2021 A Year Well Spent Living in the Moment

For as long as the year 2020 seemed to last with a toxic cocktail of worsening news about the Coronavirus, rolling lockdowns, and a particularly contentious political season, the following year, 2021, seemed over in an instant. 2021 was truly a year of living in the moment.

Q3-21 – Some More Normal
with a Side of Inflation

Our second quarter letter was titled "Revenge of the Normal," appropriately describing market conditions that had transitioned from the COVID wall of worry to future growth expectations in a post-COVID world. If the second quarter was revenge of the normal, the third quarter could most aptly be described as "some more normal with a side of inflation."

Q2-21 – Revenge of the Normal

The second quarter of 2021 had a "revenge of the normal" vibe reverberating through April, May, and June. Increased vaccinations brought many re-openings and a rally in capital markets. But as we know, everything can't be perfect. We are also seeing an uptick in the new Delta variant of COVID-19 and struggles with appropriate interest rate and inflation levels.