The majority of the returns of the S&P year-to-date can be attributed to just 7 companies. The tailwind that government stimulus provided to the economy is likely over given current deficits and the high…

The prospect of an AI-fueled investment cycle as well as strong May jobs numbers propelled the market higher in Q2. Although we believe that many companies have already re-calibrated for a changing economic…

We remain in a somewhat uncharted investment environment with new crises occurring almost quarterly. These have been catalyzed in some part by the Federal Reserve’s obsession with inflation and their urgent…

What a difference a year makes. In hindsight the markets entered 2022 on an unstable precipice. Conversely, 2023 is beginning to look like a valley, with much of the prior excesses already stamped out in a…

What started as a summer of optimism in markets ended with a fall of fear. Tough talk from the Federal Reserve and August’s inflation print brought equity and fixed income markets broadly towards new lows…

The first half of 2022 has been one of the most difficult investment environments in the past 40 years due to the simultaneous decline of bonds with stocks, and an unprecedented mix of external shocks…

2022 has been a difficult and frustrating year for many asset managers, ourselves included. The S&P 500 recently entered a bear market, falling 20% from its most recent peak. While this is far from uncharted…

As we reflect on another quarter, it’s astounding how rapidly the prevailing narrative changes. Last quarter we were cautiously optimistic that Omicron would push the world towards a “living with Covid” reality…

We’d like to start by wishing our readers a happy and healthy New Year. When we wrote our last quarterly letter the U.S. was in the midst of a wave in Covid-19 cases driven by the Delta variant. At the time…