Investment Recap

The broadening of stock market leadership, which we described in our last letter, was interrupted in September by higher oil prices and rising interest rates. Typically, September is a volatile month, and the final quarter of the year is...

Our April client letter covered much of the circumstances driving the market reversal which continued through the 2nd quarter. The broadening of market leadership accelerated with the healthcare sector in particular attracting more...

Things can change quickly in the world and are naturally reflected in the investment environment. The Iran War began in February, and higher oil prices, etc. caused a nearly 10% correction in the U.S. stock markets. Nonetheless, talk of a...

Happy New Year! Our investment letters in 2025 hinted at a broadening out of the overall market, or a “rotation” of market leadership. The only difference with our first letter of 2026 would be that many of the prognosticators and “wags”...