Second Quarter 2021 Client Letter

Second Quarter 2021 Client Letter

Second Quarter 2021 Client Letter Inflation fears are dominating the financial news headlines these days, and it’s not hard to understand why. The Covid-19 global shutdown in 2020 was an unprecedented economic event, resulting in disruptions to manufacturing and...
First Quarter 2021 Letter to Clients

First Quarter 2021 Letter to Clients

First Quarter 2021 Client Letter The past year has been a vivid reminder that the stock market often moves swiftly and dramatically in response to unexpected events. This is true both in both downturns and upturns, and it’s more true now than ever. The emergence of...
Fourth Quarter 2020 Letter to Clients

Fourth Quarter 2020 Letter to Clients

Our client letter this past April was published just as the world was coming to grips with the stark realities of the Covid-19 pandemic. Shelter-in-place orders had just been issued for all of the world’s major population centers. Sports leagues suddenly cancelled...
Third Quarter 2020 Letter to Clients

Third Quarter 2020 Letter to Clients

If you want to see (perhaps even enjoy) an exercise in futility, run a search in Google on this phrase: 2019 predictions about the stock market in 2020 As you’ll find, the search returns dozens of articles containing hundreds of predictions from market pundits about...
Second Quarter 2021 Client Letter

Second Quarter 2020 Letter to Clients

Vanguard founder John Bogle once famously advised investors on how to handle stock downturns: “Don’t just do something,” he said. “Stand there!” It is a wry and wise way of turning the conventional wisdom about what to do in bear markets on its head. When panic grips...
First Quarter 2021 Letter to Clients

First Quarter 2020 Letter to Clients

How fast the world can change. On February 12, the Dow Jones Industrial Average closed at an all-time high of 29,551. At that time, the economy was humming, corporate earnings were rising and unemployment was at lows last seen during the mid-1950s. While global health...