Third Quarter 2019 Letter to Clients

Third Quarter 2019 Letter to Clients

It has been said that golf is an easy game, it’s just hard to play. Much the same could be said of investing. The principles of long-term investment success aren’t particularly complicated. Construct a well-diversified portfolio appropriate for your risk and return...
Second Quarter 2019 Letter to Clients

Second Quarter 2019 Letter to Clients

Each point in the ups and downs of the market has its own emotional challenges for long-term investors. The inevitable downturns like we saw in 2018 require that we muster our intestinal fortitude and avoid the temptation to flee to cash. In times of extended market...
First Quarter 2019 Letter to Clients

First Quarter 2019 Letter to Clients

After a turbulent end to 2018 sent stock indices around the globe into bear market territory, equities staged a big recovery in the first quarter of 2019. For the quarter, the S&P 500 index gained 13.65% and was within a few percentage points of its record high....
Fourth Quarter 2018 Letter to Clients

Fourth Quarter 2018 Letter to Clients

Stocks around the globe experienced a significant decline during Fourth Quarter 2018, a trend that began in October and accelerated rapidly in December. The downturn was widely attributed to the prospect of continued higher interest rates, ongoing tensions in the...
Third Quarter 2019 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 2019 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...