Quarterly Investment Commentary
January 6, 2022

A Return to Normal?

2021 started with high hopes and then immediately disappointed. It was supposed to be the year that we brought sanity and competence back into Government, conquered Covid and returned to normal life.
Weather vane
Quarterly Investment Commentary
October 7, 2021

Winds of Change

“How much higher can things go?” is a question we hear frequently from clients, especially lately. It is also a question we have heard consistently over the last 30 years, usually as an expression of general nervousness about markets and current conditions.
Hot Air Balloon
Quarterly Investment Commentary
July 7, 2021

Up, Up And Away?

Global risk assets including equities, real estate and industrial commodities continued their ascent higher in the second quarter, buoyed by a surging global economic recovery, continued progress against Covid, easy money, and lots and lots of fiscal stimulus.
Engine Room Telegraph
Quarterly Investment Commentary
January 8, 2021


In fairness to 2021, the new year was set to start off with a set of unreasonably high expectations that somehow all the problems that beset 2020 would magically disappear at the stroke of midnight on December 31st.
Vision Test
Quarterly Investment Commentary
October 6, 2020

20-20 Vision

It’s been quite a year so far between the global pandemic, global recession, fires raging on the West Coast, hurricanes on the East Coast, and a political circus in Washington unlike anything we have ever seen. With the pandemic still spreading, the president in recovery, and the election less than a month away, it still feels that we have a long way to go.
Bull Coaster
Quarterly Investment Commentary
July 7, 2020

Too Far, Too Fast?

Global financial markets have staged a remarkable rebound from their depths in late March. A combination of deeply oversold conditions, extraordinary monetary and fiscal support from central banks and governments and hopes for an economic recovery as infection rates were curbed and businesses started to reopen, have all led to an impressive rebound in the prices of most risk-oriented assets during the second quarter.
Across the valley
Quarterly Investment Commentary
April 7, 2020

Across the Valley

Only three months ago, people were ringing in the new year and decade with a sense of cautious optimism. The U.S. economy was strong and the global economy seemed to be improving, especially on the heels of a trade agreement with China and new NAFTA deal with Mexico and Canada.
Stock Chart on Monitor
Special Investment Update
February 27, 2020

Special Investment Update

The financial markets have finally decided to worry about the Coronavirus (Covid-19) and its impact on global economic growth. Over the past week, investors around the world have sold stocks and other risk assets en masse and rushed into safe haven assets like gold, Treasury bonds and cash.