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 2 of 6
Preparing for Bad Weather
Wednesday, August 6, 10:15 am EST. There has been a lot of recent news (noise) about tariffs, taxes, markets and deficits. Early reporting shows that that the largest US corporations are poised to receive billions in cash (tax) savings while some CEOs are…
Taxes & Philanthropy
Tuesday, July 8, 12:15 pm EST. The bill has passed and (new?) tariffs have been announced. Not only did the U.S. Senate pass their version of this year’s tax and spending bill by July 4th, the POTUS was able to sign it into law by his self-imposed deadline…
The Bond Market & BBB
Tuesday, June 10, 3:45 pm EST. While April was a month that focused on trade policy, May has been and June will be, characterized by how the United States manages its debt load. The biggest indicator of that fiscal policy will be determined by what eventually…
Confident Investment Philosophy
Wednesday, May 7, 2:45 pm EST. You can look at your statements. During our “Spring Check-Ins” many of you mentioned that you weren’t looking at your statements. We understood. And we appreciated the quiet confidence you had in our money management. That said,…
Letter to Stakeholders, April 2025
Wednesday, April 9, 3:45 pm EST. Last month I wrote that the stock market reacts violently to short-term instability. Over the early days of this month, that has proven true. Stephen Covey’s famous “7 Habits for Highly Effective People,” are foundational…
Spring Check-Ins
Thursday, March 6, 8:55 am EST. The 25% tariffs on Canada and Mexico that were delayed last month were put in place this week. Tariffs proposed on China have been doubled from 10% to 20% this week. Unsurprisingly those countries have responded and equally…
Bureau of Fiscal Services
Wednesday, February 5, 7:45 am EST. We are in the midst of a news deluge as we work to keep up with our new POTUS, his administration and his “special government employee.” Our firm is based at the nexus of the federal government community. By default, and by…
President James Earl Carter, Jr.
Thursday, January 09, 4:45 pm EST. On this “National Day of Mourning” we are reminded of the short history of the United States with the funeral of America’s 39th President Jimmy Carter. We are a country, just under 250 years old, continuing to grapple with…
Big Credit and Langley Residential Support Services
Wednesday, December 11, 5:45 pm EST. We are merely days away from the end of year holidays. Are you going to enjoy them? I am. I am going to travel with family to my in-laws, we’re going to be spoiled and I am going to watch “It’s a Wonderful Life (again).”…
Markets vs Policy
Tuesday, November 12th, 5:45 pm EST. It was just after 9 am on election day when we heard the news: a member of our family of clients had just passed away. From our perspective, Jenny was a loving wife and mother. She was also unnecessarily gentle and kind…
Letter to Stakeholders
Monday, October 14th, 11:46 am EST. We are less than a month away until our US Presidential election day. I have already voted. I chose the candidate most likely to support our democracy, our US allies, our disadvantaged, our environment, our civil discourse…
Virtual Family Office
Letter to Stakeholders, September 2024 Thursday, September 12th, 9:46 am EST. For a week in August, the markets looked pretty bad. But then the news refocused and by the end of the month, your balances were near all-time highs. Two weeks into September, your…