2022 Q3 Client Letter


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 [...]

2022 Q3 Client Letter2022-10-12T14:51:18-04:00

2022 Q1 Client Letter


Dear Clients: We explained in our Q4-2021 Client Letter (January 12, 2022) why we believed 2021 was a high-return, low-volatility “unicorn.” Our counsel was to expect more modest returns in 2022.  Additionally, with the Federal Reserve (“Fed”) poised to begin removing emergency stimulus measures implemented at the start of the pandemic-induced economic [...]

2022 Q1 Client Letter2022-04-12T10:50:35-04:00

2021 Q4 Client Letter


Dear Clients: Kirr, Marbach client equity portfolios had excellent performance in 2021, both on an absolute and relative basis.  Though we never focus on short-term performance, we’re very pleased with this outcome, particularly given “Value” underperformed “Growth” (yet again) and The Wall Street Journal reported some 85% of actively-managed funds were on [...]

2021 Q4 Client Letter2022-01-14T14:26:29-05:00
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