Capital Ideas

Second Quarter 2017 Letter to Clients

Second Quarter 2017 Letter to Clients   As the major stock indexes have, one-by-one, broken through their previous record highs in recent months, it has been interesting to observe that the dominant reaction among many investors has not been one of celebration but,...

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First Quarter 2017 Letter to Clients

First Quarter 2017 Letter to Clients “The buying opportunity of a lifetime.” That was how the esteemed financial writer Nick Murray described the stock market environment in early 2009. Hindsight shows he was, of course, spot on. But it certainly didn’t feel that way...

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Searching for the Holy Grail of Investing

CAPE Fear: Can we use Valuation Ratios to Time the Market? With popular market benchmarks like the S&P 500 setting record highs in 2014, many investors have become apprehensive. They’re afraid that a major market decline is imminent and are eager to find a...

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