January 2020

January 2020

Our focus has always been to avoid risk and focus on innovative opportunities that can generate sustainable earnings growth. In a world where we must cut carbon emissions, fossil fuels will continue to be losers and renewable energy and electric autos will, over time,...
October 2019

October 2019

Ninety percent of disappointment is expectation. The election of Donald Trump in 2016 and the promise of reduced regulation, more business-friendly policies, and tax reform sparked extraordinary expectations for economic growth in the United States. From the week...
April 2019

April 2019

Over the last few years, we have been describing the hyperactive U.S. equity market as the adolescent in the room – and characterizing the seemingly immoveable U.S. Treasury market as the grownup. After a 2016 U.S. election that promised tax cuts and reduced...
April 2019

January 2019

Where do we go from here? With one year ending and another beginning, there are expectations of enlightenment. As the calendar turns, we believe we can briefly pause, reflect, and offer wisdom that was not present previously. In reality, successful investing is about...
April 2019

October 2018

The Standard & Poor’s 500 Index (S&P) is on a tear. A careful analysis of a couple of the economic factors that have supported recent U.S. outperformance provides a reasonable argument that long-term investors might do well to consider rebalancing portfolios...
April 2019

July 2018

As opening lines go, “I love the circus,” may not be as compelling as, “All children, except one, grow up,” yet it is appropriate for these times. Three-ring political summits, high wire trade tensions, and caged immigration policies have brought a sense of mayhem to...