Quarterly Letters

“The fight is here; I need ammunition, not a ride” -Volodymyr Zelensky While President Zelensky of Ukraine is responsible for the heroic comment above, one could imagine hearing it uttered more mundanely by the Fed Governors as they debate how best to tame the inflationary pressures enveloping the economy. Once characterized as being transitory, it […]

“It is better to sleep on things beforehand than lie awake about them afterwards” -Baltasar Gracian We find it cathartic taking time at yearend to reflect upon how our predictions transpired in 2021. Our initial projections included the belief that economic growth would accelerate through the year driven by federal relief programs as well as […]

“Every exit is an entry somewhere else” -Sir Tom Stoppard After almost two years of living in a pandemic we are about to emerge into the next phase. Thanks to the creation of highly effective vaccines and medical treatments, the likelihood of dying from the virus for those who have been vaccinated is almost nil. […]

“A problem is a chance for you to do your best.” -Duke Ellington When we wrote our quarterly update one year ago most regions of the United States remained under some level of lockdown, travel was a faraway dream, and a vaccine to protect people from Covid-19 was only a hope. Today, thanks to very […]

“Let us not look back in anger, nor forward in fear, but around in awareness” -James Grover Thurber During the first quarter of 2021 the equity and bond markets have been preparing for the post-covid economy. The US GDP, which contracted 3.5% in 2020, is forecast to expand by over 8% in 2021 as business […]

“We struggle with the complexities and avoid the simplicities” -Norman Vincent Peale The long-term impact of 2020 will become more apparent over time. While there were some silver linings, we are confident few people would wish to relive it. Yet, as unsettling as it has been, it was quite a good year for the stock […]