Investment Commentary

Let’s start our final Commentary of the year with a look back at the planks of our investment rationale for 2025, which we authored in late 2024. 1. Corporate earnings are expected…

The American retirement system, once considered a three-legged stool of Social Security, pensions, and personal savings, is undergoing a fundamental restructuring. According to the National Institute on Retirement Security, over…

Federal Reserve officials often refer to the Personal Consumption Expenditures Price Index (PCE) when justifying monetary policy decisions, and financial markets can swing dramatically based on monthly PCE releases. Yet…

Many long-term investors are familiar with the adage “time in the market beats timing the market.”  This simple concept, coined by former fund manager and author, Ken Fisher, provides a…

We’ve now had several months of experience with the newly imposed tariffs since Liberation Day, April 2, 2025. The experience has not been consistent because there have been exceptions and…

Want to control the future? Use a trust. Trusts were first used in ancient Rome, but the common use of trusts dates back to 12th century England by knights who…

Alternative investments—once considered niche—are becoming core tools in portfolio construction. Institutions now allocate over 25% of their assets to alternatives, compared to only about 5% from individual investors, according to…

Before examining the subject of this commentary, let’s first do a health check on the American economy and the state of its bond, stock and currency markets. Our perspective of…

The Trump Administration wants a lower dollar to make US exports more competitive, and right now the dollar is declining, but for the wrong reasons. After reaching a level in…

Stock market corrections, broadly defined as a drop in price of 10% or more from a recent high, are normal occurrences that long-term investors must accept in exchange for investment…