Category: Quarterly Investor Letters

Following a year in which the price of oil increased more than 100%, we enter 2017 with the expectation that wild swings in asset prices

After November 8, 2016, the markets will focus on a singular remaining uncertainty for 2016 – i.e., the Federal Reserve’s Open Market Committee’s (“FOMC”) policy

The market impact of “Brexit”, a national referendum on June 24th in Great Britain, was immediate and severe.  Stock markets sold off dramatically in response

At our 7th Annual Investment Symposium on March 3rd, we discussed several long term themes in the context of the title of our program:  “Changes; Transitions

After six years of attractive returns, markets proved frustrating for investors in 2015, as neither stocks nor bonds outperformed cash on a price basis. A

The total return of the S&P 500 in the Third Quarter was -6.44%.  From its recent high on May 21, 2015 to the low on

As has been the case for several years, the beginning of summer exhibited a rise in market volatility, triggered by geo-political concerns.  In 2014, paranoia

The title of our Annual Symposium last month was “How I Learned to Stop Worrying and Love…Low Oil Prices, Low Interest Rates, and a Strong