Quarterly Letter

Every three months, the partners and portfolio managers collaborate on a summary of the state of the economic world as it pertains to your portfolio and our approach. Below, you will find links to our archives.

Pandemic Conundrum

As the coronavirus dominates the news 24/7, most investors wonder whether markets are disconnected from the reality of what they hear and read in the mainstream media.

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What a year 2019 was!

A congruence of factors led to low inflation and low interest rates, which in turn allowed for modest economic growth without imbalances.

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