News
Quarterly Client Letter – Q2 2025
After driving double-digit stock returns for five of the past six years, the stock prices of the world’s largest companies underperformed last quarter. In this letter we will focus on the extent to which recent announcements are impacting our longer-term views on investing.
Quarterly Client Letter – Q4 2024
Last year was a good year to be an investor. Global stocks rose 17.5% led once again by the U.S – where the S&P 500 rose 25%. Stepping back to a longer-term perspective, 2024 continued the theme of U.S. market exceptionalism.
Quarterly Client Letter – Q3 2024
It’s hard to believe that we are entering the final stretch of 2024. Kids are back in school, and leaves are starting to turn. After a bit of volatility to start the quarter, 3Q wound up being an early holiday gift for investors.
Quarterly Client Letter – Q2 2024
The second quarter of 2024 marked the third quarter in a row – and six of the last seven – of positive returns for investors. As long-term investors, we believe that maximizing time in the market is essential to helping individuals successfully achieve their financial goals. To that end, we must be comfortable with the volatility of performance – particularly in challenging markets.
Quarterly Client Letter – Q1 2024
Last year’s holiday season cheer continued into the first quarter of 2024 for investors, as global stocks surged 8% to close out the quarter at a new all-time high.
Quarterly Client Letter – Q4 2023
The holiday season proved to be a cheerful time to be an investor. Persistently softer inflation, coupled with a shift in stance by the Federal Reserve (Fed) to an easing bias for 2024, led to a sharp rally in both stocks and bonds during the final two months of the year.
Quarterly Client Letter – Q3 2023
After a solid start to the year, investors have taken a step back from asset markets since August, resulting in the first down quarter for both stocks and bonds since 3Q 2022. The main culprit behind this market pullback appears to be a relatively staid corner of the investment universe: U.S. treasures.
Quarterly Client Letter – Q2 2023
For much of last year the market was in a deep funk, seeing only headwinds from Federal Reserve tightening and what must surely be recessionary storm clouds blowing in fast. During the depths of this malaise, the market was down -25%. But since those depths, the Fed has slowed its pace of tightening and as a result, the valuation of our stocks has surged over 25%.
Quarterly Client Letter – Q1 2023
The more things change, the more they stay the same. Although we began the quarter on a positive footing, our outlook is not without a cautionary note.