First Quarter Review: Rate Hikes & Russia

The first quarter of 2022 was a uniquely challenging one for financial markets and investors, as both stocks and bonds generally declined.  As a consequence, the boost, or at least store of value, from bonds that normally accompanies a stock decline didn’t happen, causing a mixed stock and bond portfolio to exhibit results much closer […]

Reduction in Corporate and High-Yield Bonds – Q2 2021

Our newsletter for the third quarter is a departure from custom as we use the reasoning and analysis for a recommended trade to illustrate what we see happening in financial markets.  We will follow under separate cover with a request for trade approval if you own the relevant funds.  Among the many cognitive errors that […]

2020 Year in Review & Investment Landscape

Dear Clients and Friends of the Firm: In looking back at the year, as we always do in our customary January newsletter, the Covid-19 pandemic was obviously the big event, and it caused a cascade of subsidiary effects, some of which will have enduring consequences for our economy, and investment and financial planning, as we […]

Markets in Great Transition – Q1 2020

We write to you here at the end of the first quarter amidst financial markets in great transition.  Of course, the battle against the coronavirus walloped financial markets in the quarter, but the initial period of indiscriminate selling has passed.  With asset prices down significantly and better data on cases and deaths from early hot […]