Investment Recap

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”...

Several of the positive developments delineated in our last letter have come to fruition. As a result, the stock market had an impressive rally in the 3rd quarter. While there exist understandable concerns about tariff negotiations, the...

Our commentary last quarter was understandably focused on tariff initiatives put forth by President Trump. While the stock market’s negative reaction to those announcements in early April became quickly ameliorated, we once again have new...

In our January quarterly letter, we cited the valuation gap between large technology stocks and the rest of the market. The glamour growth stocks have corrected more in the 1st quarter, but all stocks have declined with the Trump...