Insights
Letters to Stakeholders — the macro view, written down monthly
A monthly letter on the macroeconomic forces reorganizing the global economy — published without a gap since 2020.
69 published · page 1 of 6
Swedish Death Cleaning
Thursday, August 6th, 5:04 pm EST. One of the first things I do when starting to write these letters is sample client statements. I’ll look at the balance to see if it’s “up or down” from the prior month. Then I’ll compare the end of month balance to the…
America's 250th
Saturday, July 4th, 2:03 pm EST. My father was born a year (nearly to the day) before Nazi Germany officially surrendered in World War II. As a borderline member of the silent generation (born 1928 – 1945), his childhood bore witness to the advent of the…
SpaceX, Anthropic, OPEN AI Oh My!
Thursday, June 4th, 11:03 am EST. We’re almost halfway through 2026. And we’re going to set records for initial public offerings (or IPOs). This isn’t because more companies are going public then even last year but because the dollars these previously private…
The Economic Club
Wednesday, May 6th, 5:21 pm EST. If you are like most of the pundits on television, you’re asking a familiar question: why is the stock market going up when the world is (seemingly) in chaos? The celebrity CEO’s attending this week’s Milken Institute Global…
Project Glasswing
Friday, April 10th, 5:26 pm EST. Both of the wars we highlighted last month have endured. The barely reported (drug) war in Ecuador is ongoing while the feverishly reported war in Iran has begun the long road towards truce. While the ups and downs of the…
3 Generations
Thursday, March 5, 10:46 am EST. Last month we highlighted the geopolitics of Japan, Greenland and Canada. Those were the “good ole days” apparently. Unfortunately this month the news (and the markets) are being led by a hot war with Iran (and a relatively…
Letter to Stakeholders, February 2026
Tuesday, February 3, 3:41 pm EST. Despite the volatility of our national news cycle, the stability of your balanced portfolio endures. The geopolitics of just January saw news of Japan’s weakening economy, threats to Canada and Greenland’s sovereignty,…
Risk, Reward and Righteous Indignation
Wednesday, January 7, 2:55 pm EST. It’s finally 2026 and for some reason it just feels “good” to be in a new year. A primary question on your mind could be, “How are we doing?” Well, according to your portfolios, you’re doing well. It’s been a while since…
Hug Your Loved Ones
Wednesday, December 10, 4:05 pm EST. The big news of the day was the decision by the Federal Reserve Bank to lower the federal funds (interest) rates by 0.25%. When the rate that banks charge to lend money to themselves gets lowered, so (usually) do interest…
Jason Howell Company & Community
Friday, November 7, 4:05 pm EST. The stock market ended the month of October on a high: its third straight winning week and sixth straight winning month. Hear we are in November with a sweeping election last Tuesday, the weight of the shutdown and despite…
International Markets and France
Wednesday, October 9, 1:05 pm EST. It didn’t happen: September was “up” month. In last month’s letter, I mentioned the “September-effect,” history of September having the worst average market return. True to form, just as seemingly everyone was anticipating a…
Bad News is Good News?
Monday, September 8, 2:18 pm EST. September is known for back-t0-school, the kick-off of fall and a decline in market performance. History shows a stock market “cyclicality” that shines a dull light on the month of September. The so-called “September-effect”…