August 2023 Client Letter
In March, I wrote about the arithmetic of portfolio losses. With the more speculative indices, such as the Nasdaq 100, delivering impressive returns so far in 2023, it is worth revisiting this concept.
The Narrow Rally
The Great Comeback
May 2023 Client Letter
Several years ago, when my family was considering taking our first cruise, many of you encouraged me to set sail, promising I would not be disappointed. We started research on various cruise lines and destinations and were ready to make our deposit. Then COVID hit, closing the cruise industry for most of 2020 and half of 2021 and leading to disappointment for a lot of us.
Is Your Bond Allocation Where It Should Be?
March 2023 Client Letter
My copy of Bogle on Mutual Funds by investment giant and founder of The Vanguard Group, John Bogle, sits on my desk as it always has during my 30 years in the investment management business. Bogle’s first chapter begins with our favorite investment strategy, compound interest. Clients know that the process of having money make money by way of reinvesting dividends and interest year after year is one way to achieve investment success.
Your Money Makes Money
February 2023 Client Letter
One of the more endearing characteristics of a stock, in our view, is its belonging to a company with a history of raising its dividend. That’s because if you own the stock, consistent dividend increases raise the yield on your original cost basis. Patient investors realize that a modest yield today can grow significantly in the future.
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