Third Quarter 2018 Letter to Clients

Third Quarter 2018 Letter to Clients

After regaining their all-time highs over the summer months, stocks saw a resurgence of volatility in the beginning of October. The downturn was widely attributed to rising interest rates, as the yield on the benchmark 10-year Treasury note surged to 3.25% for the...
Second Quarter 2018 Letter to Clients

Second Quarter 2018 Letter to Clients

Market pundits have spent a great deal of time the past three decades endlessly debating the merits of “active” vs. “passive” investing. At its core, the argument can be distilled down to this: Is it better for investors to employ elaborate strategies to try and...
First Quarter 2018 Letter to Clients

First Quarter 2018 Letter to Clients

January saw the stock market continue its rapid surge upward, but the party did not last long on Wall Street. Volatility returned to the market in a significant way by the end of the month, and stocks have whipsawed up and down ever since. Not surprisingly, the media...
Fourth Quarter 2017 Letter to Clients

Fourth Quarter 2017 Letter to Clients

Fourth Quarter 2017 Letter to Clients As 2018 began, the major U.S. stock market indexes surged to yet another round of record highs. The first week of January saw the Nasdaq index top 7,000, the S&P 500 index clear the 2,700 mark, and the Dow Jones Industrial...
Third Quarter 2017 Letter to Clients

Third Quarter 2017 Letter to Clients

Third Quarter 2017 Letter to Clients “Is the stock market in another bubble?” Of all the questions we field from clients, prospects, friends and family – the question of whether we are in a bubble leads the way by far. There are two reasons why this question comes up...
Second Quarter 2017 Letter to Clients

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,...