March 2026 Client Letter
I have never followed luxury brands closely, but one thing has consistently caught my attention: Bernard Arnault’s place near the top of global wealth rankings.
Investing in Signals
February 2026 Client Letter
In March of 2023, I was aboard the Celebrity Beyond, somewhere between ports, when something surprised me. Even though I had promised myself to unplug from the markets for a few days, I couldn’t resist. Silicon Valley Bank had collapsed shortly before we shoved off from Fort Lauderdale, and I was concerned about what its failure could mean for the financial system and for our investments more broadly.
Investing In What Doesn’t Announce Itself
January 2026 Client Letter
January has a way of pulling our attention forward. Investors start asking what the year ahead might bring and whether the decisions they carried into the new year still make sense. After a year filled with fast-moving headlines and changing narratives, that reaction is understandable.
Investing in 2026: Earnings, the Industrial Story, and the New Bottleneck
December 2025 Client Letter
Recently, as I sat in my office, it occurred to me this was the first time in roughly two decades when I didn’t make it back to Rhode Island during the summer—and the first in which I didn’t take a single flight. A few factors contributed, but the primary reason was the unusually large number of meaningful market and policy developments throughout the year…
Client Portal
Secure Upload
Client Letter Sign Up