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 3 of 6
Yen Carry Trade
Tuesday, August 13th, 10:01 am EST. Even though the Summer Olympics and our US Presidential elections are typically the same year (2020 was an exception), usually we can escape the political news for a couple of weeks. But the Democratic nomination of Kamala…
Supreme Court Matters
Thursday, July 11th, 4:52 pm EST. Sometimes the news coming out of Washington, DC is really tough stuff. Over the past few weeks we’ve had U.S. Supreme Court cases that have changed the role of the executive and legislative branches and a U.S Presidential…
China and Taiwan
Monday, June 10th, 4:32 pm EST. People who follow the stock market closely will mark today as when NVIDIA Corporation – the self-anointed “pioneer of GPU-accelerated computing” issued a “10-for-1 forward stock split.” This means that the price of an…
Strategic Partner Catherine Schott Murray
Wednesday, May 8th, 9:32 am EST. Star Wars fans and Cinco de Mayo aficionados love the beginning of May. Last Saturday you might have heard “ May the 4th be with you ” and last Sunday someone may have confidently mistaken the 5th for Mexican Independence Day…
Allocation is Destiny
Tuesday, April 16th, 11:32 am EST. This time of year, the second half of April, is what stock market analysts call “earning season.” It’s when a large assortment of companies report their first quarter earnings and predict their earnings for the rest of the…
Virtual Family Office
Tuesday, March 12th, 9:32 am EST. The steady climb of your statement balances this year continues to reflect a strong economy. It was an economy that was set on a right path from abundant fiscal stimulus (government spending) and monetary stimulus (lower…
Mission & Vision
Tuesday, February 6th, 11:32 am EST. We are more than one month into 2024 and things are okay. We have survived the faux “Blue Monday,” the stock market is doing well enough to ignore, the job market is consistently strong and the “shared ownership movement”…
Washingtonian TOP Financial Adviser 2024
Monday, January 8th, 8:00 am EST. Another year behind us and this time, a proper Santa Clause Rally. After a wild ride, 2023 ended positively for the stock market and your diversified portfolio. 2024’s results are now a year away but the timeline we pay the…
Venture Capital, Private Equity and 2024
Monday, December 11th, 10:03 am EST. November, a month to remember; and as long-term investors, also to forget. November’s gains in the stock and bond markets reversed the October losses, and (approximately) took your statement balance back to July highs.…
Letter to Stakeholders, November 2023
Tuesday, November 7th, 3:53 pm EST. In 2000, I dated a girl from Haifa, Israel. Before we met, she served the mandatory 2 years in the Israeli Defense Forces (IDF). She was a musician but studied law at the University of Cambridge. When she moved to New York…
All Weather Portfolio
Friday, October 6th, 9:34 am EST. Before we write about the month can we talk about the week? Our country made history by ousting our own Speaker of the U.S. House of representatives. Interest rates in the bond markets have risen and the stock market didn’t…
Structured Notes and Rich Men North of Richmond
Friday, September 8th, 2:34 pm EST. It’s all happening now. The TD/Schwab transition has finally happened. Those who were predicting negative returns finally got it right in August (slightly). And we are now prepared to add the benefits of structured notes to…