2023 Investment Outlook
In this space twelve months ago, our view was that rapidly rising global inflation and the resultant restrictive monetary policy would create challenging conditions for capital markets, and that a defensive position was called for. That position proved valuable, as a bias toward risk aversion avoided meaningful capital losses.
2022 Mid-Year Update
Coming into the year, our capital markets positioning was cautious given extreme valuations, rising inflation, and questionable prospects for continued growth. Our assumption was that an intense rise in prices for consumers — driven by a decade of accommodative monetary policy following the Global Financial Crisis extending through the COVID era — would need to Read More
A Note on Market Volatility
Some quick thoughts on recent market volatility and declining asset prices.
2022 Investment Outlook: Navigating a (Hopefully) Post-Pandemic Landscape
It is difficult to believe that this is the third consecutive investment letter that has addressed the potential or actual impact of COVID-19 on financial markets. It appears the worst of it is over, and we are entering into an era of tolerable coexistence with the virus. Financial markets, as forward-looking mechanisms, are adjusting to Read More