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Recent Blog Posts |
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| April 10, 2012 | Market and Strategy Update | |
| "Equity markets, which were starting to price in financial meltdown in Europe, are now pricing in a more optimistic view. Expectations have quickly turned positive with bullish sentiment of stock market forecasters approaching historically high levels." | ||
| January 6, 2012 | From 2011 into 2012 | |
| "Two years ago in this blog we spoke about an expected transition in the markets from excessive risk-taking to one of risk-aversion. That transition is underway and is beginning to provide opportunity." | ||
| November 21, 2011 | Eurozone Issues | |
| “As we constantly review our portfolios in light of what is happening in the world around us, we continue to conclude that we are comfortable being positioned as we are.” | ||
| August 9, 2011 | A Few Thoughts | |
| “The sell-off over the last few days has been swift and relentless. Given the risks to the economy that we have discussed in past blog posts, perhaps these levels in the market are more reasonable and offer a healthier investment environment for the future. However, such a sell-off is disconcerting and requires our full attention.” | ||
| August 2, 2011 | Policy Makers to the Rescue | |
| Every new policy prescription from Washington has appeared only to be a red herring, diverting attention from the issues and giving investors hope without justification. | ||
| February 4, 2011 | Deflation and Ham 'n Eggs | |
| Recap of a presentation made by Peter Falker to a business professionals' group about debt deflation and quantitative easing. | ||
| December 20, 2010 | Too Conservative? | |
| During the last year, we have patiently developed a portfolio designed to bring consistent, compounding returns over several years.. | ||
| August 25th, 2010 | Confronting the Boogieman | |
| (Why the Economy Isn't Growing) | ||
| If we are confused by the current progress of recovery, it is because we are simply not wired for this environment. It’s very hard to grow when credit is contracting. | ||
| August 16th, 2010 | General Motors IPO - A Financial Opinion | |
| In my opinion, it is too soon for the company to be selling stock. | ||
| May 26, 2010 | ||
Investors
are finally appreciating risk again. We welcome this change. |
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| May 11, 2010 | Living in the Land of Oz | |
| The curtain has been pulled back. The Wizard has been revealed. | ||
| May 7, 2010 | ||
Managing
a portfolio that balances the goals of generating wealth and protecting
capital will continue to serve our clients well as investors become
more familiar with the changing character of markets |
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| March 22, 2010 | ||
| China
creates seemingly endless GDP growth, yet without a real price,
they likely destroy value and hide losses. |
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| February 1, 2010 | ||
| We
are being careful to safely navigate the challenges that will come
to define the era in which we live. |
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| November 4, 2009 | ||
| Today
there are some important potential inflection points that may reverse
trends that have been at work for several decades. The typical Pavlovian
response in markets to take risk in the presence of easy money,
big government spending, and a declining dollar might be, at the
very least, somewhat premature. |
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| July 21, 2009 | ||
It’s
time for an economics review. While this risks putting you to sleep,
it’s essential that we keep a level and clear perspective
on where we are today. It is also reasonable to question whether
or not the extreme conditions we are witnessing should portend greater
challenges ahead. |
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| June 3, 2009 | ||
GM
(as well as Chrysler) has destroyed so much capital that private
investment capital is no longer available, thereby necessitating
an unprecedented government nationalization of the company, outside
of the capitalist system, to save thousands of jobs |
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| May 27, 2009 | ||
We
believe it is dangerous to draw the conclusion that a new long-term
bull market, based on a substantial economic recovery, has begun. |
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| March 4, 2009 | ||
| While
Buffett may have been too early in his call for stocks, given the
unprecedented nature of this crisis, we would rather be slightly
late and more certain. |
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| November 11, 2008 | ||
| There are times, such as we face now, when the reaction is so extreme, the fallout so difficult, and the appetite for risk so diminished that financial memory will impede a return to excessive, leverage-driven speculation for a very long time. | ||