Newsletters

Dear Clients: As long-term investors, we don’t focus on and try not to get too hung-up on short-term performance, whether good or not so good.  Still, the great news is client equity portfolios produced strong absolute and relative-to-benchmarks performance throughout 2024.  As we’ll discuss, this was particularly satisfying given 1) the “average” [...]

Dear Clients: While we don’t focus on short-term results, we’re pleased to report the strong absolute and relative-to-benchmarks performance for client equity portfolios this year (and last) continued through the quarter ending September 30, 2024.  While nearly 100% of the gain in the S&P 500 Index in the first half of 2024 [...]

Dear Clients: The S&P 500 enjoyed a stellar first half of 2024, hitting 31 all-time highs.  After posting a total return of 10.6% in the first quarter (11th highest since WWII, according to CFRA Research), the S&P 500 continued its upward trajectory in the second quarter with a total return of 4.3%.  [...]

To view a PDF version of this quarter’s letter, please click here. Dear Clients: U.S. stocks posted exceptionally strong performance in the first quarter of 2024, building on the significant gains from the fourth quarter of 2023 and capping a 12-month period that saw the S&P 500 Index generate a total return [...]

To view a PDF version of this quarter's letter, please click here. Dear Clients: After enduring a brutally frigid “winter” in 2022 that saw the worst year for U.S. stocks since the depths of the Global Financial Crisis (GFC) in 2008 (4th worst for the S&P 500 since 1945) and worst [...]

Dear Clients: We’re glad to put Q3-2023 in the rearview mirror, as the third quarter lived up to its historical billing as the weakest quarter of the year.  As we’ll discuss, interest rates surged, which proved to be a headwind too strong for stocks to overcome.  Nobody knows what lies ahead.  On [...]

Dear Clients: What a difference a year makes, thank goodness!  The S&P 500 had a total return of 8.7% in the second quarter (Q2-2023) and 16.9% in the first-half of 2023.  Client equity portfolios also staged a solid comeback in the first-half of 2023, which we think was an impressive result given [...]

Dear Clients: It was a topsy-turvy first quarter of 2023.  Following a dismal 2022, stocks sprinted out of the starting gate in January, as hope sprung eternal we had seen “peak inflation” and the end of rate hikes (and perhaps even rate cuts) by the Federal Reserve (“Fed”) was on the horizon.  [...]

To view the PDF version of our Q4 2022 Client Letter, click here. Dear Clients: We are glad to put 2022 in the rearview mirror.  As the headlines have blared, it was the worst year for stocks since the depths of the Global Financial Crisis in 2008 (4th worst for the [...]

Dear Clients: The financial markets and economy have been hit by their own metaphorical Hurricane Ian in 2022.  Following a brief respite in July, stocks ended the third quarter firmly in “bear market” territory (down more than 20%).  Bonds, historically considered “safe” investments compared with stocks, have also been crushed, as the [...]