Quarterly Commentary
“How did you go bankrupt?’” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” – Ernest Hemingway, The Sun Also Rises Chicago and Illinois are in dire financial straits as a result of decades of financial mismanagement. While not …
Quarterly Commentary
“Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.” − Lao Tzu In our most recent investor commentary, we discussed the drivers for the stock market downturn during Q4 2018. We suggested that monetary tightening from central …
Quarterly Commentary
“Just cause you got the monkey off your back doesn’t mean the circus has left town.” — George Carlin The S&P 500 Index generated a total return of -9.0% in December, which was the worst December return since 1931 in …
Quarterly Commentary
“My broker at Citigroup told me to look through this Korean version of the Moody’s guide – that it would look just like [the United States in] 1951, and he was right. In six hours, I put together a small …
Quarterly Commentary
“The four most expensive words in the English language are ‘this time it’s different.’” – Sir John Templeton, Investor It’s different this time, and it’s also not different this time. It’s different this time because the credit-driven U.S. economy is …
Quarterly Commentary
“In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the… Anyone? Anyone? …the Great Depression, passed the… Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act [sic]? Which, anyone? Raised or lowered? …Raised tariffs, …
