Category: Quarterly Investor Letters

The S&P 500 eclipsed the 2900 level for the first time on September 20, 2018.  Then, the index suffered a sharp correction through the balance

At our Tenth Annual Investment Symposium on February 28, 2019, we presented a theme of “Distractions, Distortions & Dysfunction” and our market outlook that a)

Similar to an athletic competition in which a lead is squandered in the final quarter, the past year’s stock market was noteworthy for posting the

The theme of our first two quarterly transmittals was volatility. The theme of this communication is also volatility, but to be more specific, the lack of

Despite heightened volatility, the major stock market indices all posted positive returns for the Second Quarter.  Leadership was provided by the tech-heavy NASDAQ and small

Early in the First Quarter, the stock market continued its streak of historically low volatility and positive momentum that was characteristic of 2017.  Leadership was

When we wrote our year end 2016 transmittal, we were convinced that tax cuts would provide significant stimulus to the US economy.  We did not

For our quarterly market commentary, it is not common practice to begin with a discussion of geo-politics, but given developments in the Third Quarter, we

Long term investors must accept the vicissitudes of market cycles in order to capitalize on opportunities.  Unpredictability generates a constant tension between short term technical

We have mentioned in numerous communiqués, including at our recent Investment Symposium, that the stock market’s performance since the election has been fueled by prospects