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After several years of low interest rates, bond yields have been attractive for the past few years. While a recent turning point in central bank policy has slightly lowered yields, today’s bond market offers a unique combination of capital preservation and income in an increasingly complex economic landscape. Our current fixed income investment strategy is […]
After several years of low interest rates, bond yields have been attractive for the past few years. While a recent turning point in central bank policy has slightly lowered yields, today’s bond market offers a unique combination of capital preservation and income in an increasingly complex economic landscape. Our current fixed income investment strategy is […]
The U.S. economy and capital markets performed well in the third quarter of 2024. It’s hard to predict whether this strength will continue as we face a mixed bag of signals. No matter the environment, our focus on high-quality investments both provides protection during turmoil and participation in the market’s growth. The domestic economy is […]
The U.S. economy keeps growing even in the face of high interest rates. Consumers are spending, businesses are investing, and the labor market is strong. Though these conditions have shown signs of slowing, they’ve supported a white-hot stock market: the S&P 500 was up over 40% in the eighteen months trailing June 30th. All eyes […]
“It is waiting that helps you as an investor, and a lot of people just can’t stand to wait.” – Charlie Munger Download Article: Reflections on a Changing Investment Environment In the investment field like many other undertakings in life, activity does not equal achievement. During periods of significant change, investors may be better served by stepping back, […]
The U.S. economy’s resilience to high interest rates continued in the first quarter of 2024. Despite widespread expectations for an economic downturn, 2023 ended on a high note, with 3.2% growth in the fourth quarter marking the sixth consecutive quarter of growth at or above market, which in turn is supporting strong consumer spending. However, […]
As we welcome a new year, we take stock of 2023 and consider what the year ahead might hold in store. Last year was a good year for investors and the U.S. economy. The economy grew, bonds offered positive real returns (beat inflation), and stocks soared. However, a general backdrop of unease, characterized by a […]
The U.S. economy has withstood the effects of higher interest rates better than expected, as what feels like the most anticipated recession of all time has not yet materialized. Leading economic indicators, which predict a change in the business cycle, have been flashing red for nearly a year and a half. These include an inverted […]
Download Article: Staying the Course Financial markets can catch investors off guard. This year has been a case study of how market rallies can occur in the face of seemingly bad news. Domestic equities roared higher in the first seven months of 2023, with the S&P 500 up more than 19% from the start of the […]
Financial markets can be full of surprises. Some provide valuable information by which we might adjust our investment strategies. Other times, surprises can be a kind of noise that is best ignored. The U.S. stock market threw a party in the first half of 2023. Surprise! It was, however, a rather exclusive party. The tech-heavy […]
Download Article: Market Update: Short-Term Pessimism, Long-Term Optimism Around the time of the Global Financial Crisis (GFC), a guest comedian on Late Night With Conan O’Brien poked fun at airline passengers who complained about boarding difficulties and tarmac delays. The comedian pointed out that if these passengers would just focus on what happened next – participating in the […]
It’s been a little over a year since the Federal Reserve began their aggressive tightening cycle to combat persistent inflation, increasing short-term interest rates from 0% to 5%. The central bank’s actions have resulted in higher long-term interest rates, lower stock prices, and lower real estate values. The sharp increase in interest rates and subsequent […]
Download Article: The Head and the Heart In life, few things put us at the mercy of our emotions the way investing can. The last three years in the markets have been especially unnerving, exhibiting the plot elements of a Shakespeare play. We witnessed drama as the world locked down during Covid, a supernatural-like intervention b […]
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