We hope that this letter finds you healthy and in good spirits. These are trying times for everyone. It doesn’t help our collective psyche that the coronavirus pandemic precipitated a market crash in the order of a ~ 35% drop on the S&P 500. It is not much of a salve to investors, but weRead more “Q1 2020 Investment Newsletter: Market Update”

We hope that this letter finds you well. We had prepared a letter for you at an earlier date but decided to rework the original draft to include commentary on recent events. We had planned to talk about high valuations and downside risk but the coronavirus spread and ensuing stock market panic pre-empted that discussion.Read more “Q4 2019 Investment Newsletter: Market Update”

We write today with our thoughts on two topics: the threat of recession and our thoughts on a few recent gloomy articles about prospective returns to a balanced portfolio of U.S. stocks and bonds. Is a recession imminent and, if so, what does it mean for my investments? With respect to the first question theRead more “Q3 2019 Investment Newsletter: Market Update”