Dear friends, We hope this letter finds you well. It is a new year, so we write to give our thoughts on two topics: the stock market and interest rates.   As you are aware, fixed income investments (i.e. those that pay a fixed rate of interest and promise to return your principal at aRead more “Fall 2023 Newsletter: Market Update”

Dear friends, We hope this letter finds you well. Since our last correspondence, we have witnessed the failure of a few small U.S. banks, including Silicon Valley Bank (SVB) and uncertainty lingers about the U.S. and European banking systems. Some investors are concerned that the failure of these few small, regional banks including SVB (andRead more “Spring 2023 Newsletter: Market Update”

We hope this letter finds you well. As we write, markets continue to struggle after significant declines from all-time highs reached in December, 2021. Globally, stocks are in a bear market (think: hibernation). In the wake of a huge and surprising rally in stocks since March 2020, investor sentiment has flipped from cheerful to gloomy.Read more “Fall 2022 Newsletter: Market Update”