Market Commentary

Dear Fellow Investors, What a finish to 2023!  With a fourth quarter like that, I had to start with a quote from the late Charlie Munger. This year ended up being a fantastic year if you just stayed invested, or at least didn’t interrupt the compounding.  Like so many times in history, when everyone is expecting […]

This quarter I want to do a little self-reflecting and evaluation. I am going to start with the bad. I have trailed our benchmarks year-to-date. I wrote about the reason why recently and you can read that by clicking here. I trailed the first two quarters this year and this quarter is somewhat mixed with […]

It’s hard to believe that I took over as Chief Investment Officer two years ago. I am glad we have had calm markets to let me get my sea legs under me. But in all seriousness, thank you for allowing me to work with each of you. I reread my market commentary from two years […]

I don’t like to talk about investment performance over short periods of time, but the first quarter of 2023 has given us some interesting data.  I will try not to “geek out” on numbers too badly.  Over the first quarter we had a reversal of 2022 themes and an echo of the previous big cycle […]

As I look back on the last year, I would like to start with saying thank you. Thank you for trusting us to help you along your financial journey. We count it as a blessing to be able to serve you. This year was very eventful, with many trials and tribulations. I would be remised […]

As I sit down to write this letter a few days after the federal reserve increased rates to 3.25%, I think it’s important to remind ourselves of why we save and invest. While this tightening policy continues, we will increasingly see companies, countries, debt, and currencies showing stress and strain. By the time you read […]