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From the Investment Team

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December 5, 2023
“Magnificent” Year

A bit contrary to the old saw that diversification is your friend, just a handful of stocks generated the bulk of the market’s historically generous performance for the year to date. These enormous, mostly Technology-oriented companies also dominated market conversation in 2023. A good bit less covered are other distinctions of this year’s market momentum: […]

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November 1, 2023
Reconsidering Duration

Those investors pulled toward short-term Treasuries for their multi-decade peaks may wish to look beyond near-term highs at the front end of the yield curve to ensure they have a plan for those funds when maturities arrive. Such generous yields might not then be on offer. That “reinvestment risk” might mean that longer-term bonds may […]

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October 7, 2023
Omnia Mutantur

Investors routinely, seemingly instinctually, look to the past for clues to qualify the present and gauge the future. We certainly place a great deal of weight on, for example, characteristics of individual stocks that have tended to lead to longer-term outperformance. But past as proxy for long-term expectations seems to us far more defensible than […]

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September 1, 2023
One of Many Objectives

Cash holdings may provide comfort, but inflation diminishes the value of uninvested cash over time. Outside of purchase delays and product substitutes, there is little more consumers can do to directly address inflation. Investors, on the other hand, have a range of options to address that potential drag. The greater the expected return of a […]

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August 4, 2023
The Future You [Don’t] See

Wall Street loves itself a forecast. Fulfilling that want, there are groups of folks whose business it is to estimate the future paths of most meaningful financial metrics. Regular readers know we don’t place too much stock, as it were, on market or macroeconomic prognostications. As generally unreliable as they might be, though, we don’t […]

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July 7, 2023
Q223 Quarter in Review

So long as one did not carry too substantial an amount of interest rate risk in portfolios, markets provided a solid foundation for generally positive returns over the past quarter and year. While fixed income returns have yet to register the now higher yields on offer (recall that yields up = price down in bonds), […]

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