In January’s letter, we considered a Federal Reserve “waffle” of extraordinary proportion set upon the…

The Pavlovian market response to dramatically lower interest rate expectations highlights associated risk in broader…

In her 1571 Statute of Usury, Queen Elizabeth abolished the prohibition of interest.

As we close 1H2023, two letters have dominated headlines and helped propel the S&P 500…

A 24-hour news cycle combined with a rapid increase in professional and retail day traders…

The relationship between the Fed and market participants in 2022 resembled Charlie Brown’s failure...

We have been struck by the yo-yo pattern...

But we are experiencing turbulence.

2022 represents an important turning point...

Another year of strong returns though challenges loom...

Persistent inflation restricts our recovery.

strong earnings reports amid high inflation fears.

Our economic recovery is, no doubt...

The year 2020 is one for the record books in every way. Unprecedented public health-driven…

So very often and for good reason, investors associate the summer months with a quiet…

It is with a deep sense of gratitude and some measure of pride that we…

This global pandemic has manifested as a devastating tail risk event that brought the longest-running…