July 2020

July 2020

There is a Twitter account started by two University of Vermont professors called Hedonometer that measures the average happiness of everyone’s tweets. On May 29th, it calculated that the civil unrest created by the death of George Floyd produced the saddest day ever...
July 2020

April 2020

Pulling the lens back to gain perspective can be particularly difficult when news is unfolding at such an extraordinary pace before our eyes. Add the reality that we are currently captive in a state of social distancing and economic suspension until the relentless...
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...