We send our comments today, along with our very best wishes. Stay healthy – We’ll get through this! Download the Newsletter (PDF)
Read Article →Today’s comments present a bit of a change of pace for us. Among other things, we’ve included some things you may not know about inflation. There can be a rather large gulf between how it’s measured and how we experience it! Download the Newsletter (PDF)
Read Article →Today, we expand a bit on some of the thoughts we recently shared in our year-end report. We explain the chart in more detail and add an overview of forecasts for 2020. These can make for interesting reading if kept on file for next January. Download the Newsletter (PDF)
Read Article →Market strength in December is common enough that it has a name; it’s called a “Santa Claus rally.” This year’s version has been accompanied by some improvement in the economic data points as well as movement in the direction of resolution for a few of the thornier outstanding worries, such as Brexit and the trade …
Read Article →There’s always plenty to worry about, but lately the mood on the Street seems to perking up a bit. More color on this in our November newsletter . Download the Newsletter (PDF)
Read Article →Perhaps you’ve been waiting with baited breath for our comments, which are typically issued closer to the middle of the month. Between a scheduled delay of about a week and upcoming quarterly reports, we decided ultimately to wait a little longer, send the newsletter now, quarterly reports mid-month, and then we plan to resume our …
Read Article →It seems like August should be a quiet month, but it tends to be surprisingly interesting. This week, in particular, has been anything but a “quiet week in Lake Wobegon!” This Notes includes an interesting chart of the “top ten” companies over the decades. Few rarely stay on the list from one decade to the …
Read Article →Howard Marks recently published Mastering the Market Cycle, and also was a presenter at the Mauldin Investment Conference. Our comments this month address both. His book is a healthy reminder of why equity investing is so interesting, and we agree with the gist of his comments from the conference. Download the Newsletter (PDF)
Read Article →The Fed wraps up a much-anticipated meeting this afternoon. So much going on! Even in choppy seas, though, there is usually a channel available for navigation. Some thoughts about this channel are explored in this month’s comments. Download the Newsletter (PDF)
Read Article →We’ve spent a lot of time on the macro issues with Notes over the last ten years. Today we take a different tack, looking in a little more detail at a specific sector that may offer some opportunity. The charts on page 2 are pretty interesting. Download the Newsletter (PDF)
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