Second Quarter 2020 Letter to Clients

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 2020 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...
Covid-19 Update

Covid-19 Update

The uncertainty surrounding the spread of the coronavirus known as COVID-19 is unsettling, both on a human level and an investment level. The uncertainty of the impact of COVID-19 on the global economy led to extreme levels of stock-market volatility this past week,...
Fourth Quarter 2019 Letter to Clients

Fourth Quarter 2019 Letter to Clients

It was in this letter exactly a year ago that we sought to provide some perspective about the steep decline stocks had just experienced in fourth quarter 2018. Over the course of just a few trading sessions in December, the Dow Jones Industrial Average declined 12%,...