Flipping the Playbook on Short-Term Treasuries

Flipping the Playbook on Short-Term Treasuries

Jul 19, 2023 | Quarterly Commentary

“For on one side lay Scylla and on the other divine Charybdis terribly sucked down the salt water of the sea. Verily, whenever she belched it forth, like a cauldron on a great fire she would seethe and bubble in utter turmoil, and high overhead the spray would fall on...
Winter is Coming: Signs of an Impending Recession

Winter is Coming: Signs of an Impending Recession

Apr 20, 2023 | Quarterly Commentary

“Winter is coming.” ─ Ned Stark, “Game of Thrones” In the investment world, “winter” can be viewed as a synonym to recession, and, technically, winter is always coming at an uncertain point in the future. However, a number of recent economic signals highlight...
10 Predictions for 2023

10 Predictions for 2023

Jan 13, 2023 | Quarterly Commentary

“Only when the tide goes out do you discover who’s been swimming naked” ─ Warren Buffett Last year we made our first attempt at providing 10 investment-related predictions for the upcoming year, and we are going to repeat the process for 2023. Before starting...
The U.S. Dollar Wrecking Ball

The U.S. Dollar Wrecking Ball

Oct 21, 2022 | Quarterly Commentary

“When you remember we are all mad, the mysteries disappear and life stands explained.” ─ Mark Twain In past letters, we have addressed the craziness of the current investment era multiple times. In August 2020, 10-year Treasury bond yields reached an all-time low of...
When will the Federal Reserve Pivot?

When will the Federal Reserve Pivot?

Jul 7, 2022 | Quarterly Commentary

“If you don’t have price stability, the economy is really not going to work the way it’s supposed to.” ─ Federal Reserve Chairman Jerome Powell, June 2022 At the end of May, the year-over-year inflation rate reached 8.6%, its highest level recorded since 1981. Due to...