Third Quarter 2022 Client Letter

Third Quarter 2022 Client Letter

“This time it’s different.” One of the great ironies of being wealth managers is that we hear this exact same phrase in every single bear market. It’s the phrase investors use to rationalize why they are bailing out of stocks. To be sure, there are unique aspects to...
Second Quarter 2022 Client Letter

Second Quarter 2022 Client Letter

Rising inflation and growing recession fears delivered a one-two punch to the global capital markets in Second Quarter 2022. The Dow Jones Industrial Average fell 10.78%, while the broader S&P 500 index declined 16.10%. Small stocks, as measured by the Russell...
First Quarter 2022 Letter To Client

First Quarter 2022 Letter To Client

In times of unimaginable suffering such as the Ukrainian people are experiencing at the hands of their Russian invaders, it can feel callous to consider such crises from a financial perspective. But there’s no avoiding the reality that the war, and the sanctions...
Fourth Quarter 2021 Client Letter

Fourth Quarter 2021 Client Letter

Fourth Quarter 2021 Client Letter Stocks surged in 2021, continuing their torrid recovery from the pandemic-fueled sell-off in February and March 2020. Since bottoming out at 18,591 on March 23rd, 2020, the Dow Jones Industrial Average has gained a whopping 97%. And...
Third Quarter 2022 Client Letter

Third Quarter 2021 Client Letter

3Q21 Client Letter Technology giants have been the darlings of Wall Street and individual investors for well over a decade now. These companies – especially the “FAANG” stocks of Facebook, Amazon, Apple, Netflix and Google – are the proverbial cool kids at the party....
Second Quarter 2022 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...