April 2023 Commentary

April 2023 Commentary

April 2023 Commentary Read the Full Commentary Introduction The Federal Reserve raised its benchmark interest rate by 25 basis points, to a range of 5-5.25%. This brings the rate close to the peak seen just before the financial crisis in 2008. While the market is...
Q1 2023 Quarterly Commentary

Q1 2023 Quarterly Commentary

Q1 2023 Quarterly Commentary Read the Full Commentary Introduction We believe that the Fed reacted too slowly in addressing inflation and, as a result, has tightened too aggressively in the face of a weakening economy and a ballooning federal deficit. As a result, we...
Market Outlook 2023

Market Outlook 2023

Market Outlook 2023 “For the times they are a-changin’.” – Bob Dylan “Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window.”  – Peter Drucker   Introduction Our 2023...
August 2022 Investor Letter

August 2022 Investor Letter

August 2022 Investor Letter The second quarter of 2022 continued its downward trend as the Dow and S&P 500 closed down 11.3% and 16.1% respectively, and the Nasdaq lost 22.3%1. This was the Dow’s and S&P’s 500 worst quarter since the first quarter of 2020 when...
Q1 2022 Firm Commentary

Q1 2022 Firm Commentary

Q1 2022 Firm Commentary The first quarter of 2022 began on a choppy and downward trend as the Dow and S&P 500 closed down 4.6% and 4.1% respectively, and the Nasdaq lost 8.94%. For the three major averages, despite a nice March rally, this was the worst quarter...
Keeping Calm in a Time of Rising Interest Rates

Keeping Calm in a Time of Rising Interest Rates

The Blueprint Keeping Calm in a Time of Rising Interest Rates Monetary policy and fiscal policy are the two primary tools used to adjust a country’s economic challenges, such as inflation or low growth. Fiscal policy is the overall term for a government’s taxing and...