June 2020 Client Letter

For over a decade, the reach for yield on Wall Street has been fervent, pushing some investors into making bad decisions. The insatiable thirst for yield spawned the slicing and dicing of mortgage-backed securities that led to a complex and confusing mess during the 2008 financial crisis.

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April 2020 Client Letter

Last month, I wrote to you about Ben Graham. Graham was a student of psychology and ahead of his time in behavioral economics. He recognized that investors were far from the calculating, perfectly rational actors many economists assumed.

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February 2020 Client Letter

A recurring theme surfaced as I was counseling several clients last week: how to maintain a consistent level of comfort with their money during retirement. If you are in or approaching retirement, you are keenly aware that the gig is up in terms of future earning potential.

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January 2020 Client Letter

Last year completed our 30th year providing investment counsel to investors like you who are retired or saving for retirement. As many of you are aware, the foundation of our investment strategy was formed by my dad during decades of researching and writing financial newsletters.

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December 2019 Client Letter

They will probably rise. Our forecast (it’s a guess really) is favorable not only because stocks rise in seven out of every ten years, but also because election years have historically been good for stocks…

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