For those of you that have been reading this newsletter, you’ll know that we have been writing about why most bonds have made so little sense to invest in over the last few years, given the historically low yields and risks from higher rates and inflation, which has now come to fruition.  The average bond...Read More

In our last newsletter written on Friday, we wrote about just how much risk market participants are having to take to target a 7.5% return, mostly due to how low yields are on bonds.  The bailout has been that equity markets have performed exceptionally well, but of course now we are starting at valuations that...Read More

  Interest rates are without a doubt one of the most important drivers of investment returns, if not the most significant.  Warren Buffett has mentioned in the past that there is almost a reverse gravitational impact of interest rates, in that lower rates tend to raise equity valuations.  Conversely, higher interest rates tend to pressure...Read More

Volatility has come back into the equity markets, driven by rapidly increasing Treasury yields.  In fact, since the vaccine data came out towards the end of last year, Treasury Bonds are down 27.7%, meaning yields are up.  This has coincided with value stocks and financials going on a massive rally and outperforming peers, after a...Read More

I hope that you all had a wonderful Thanksgiving holiday.  What a crazy year it has been.  Surely, these next few months will be historic as the vaccine rollout and distribution takes center stage.  It would seem that these combined with better treatments such as the Regeneron and Eli Lilly AB programs, should be able...Read More

“Successful Investing takes time, discipline and patience.  No matter how great the talent or effort, some things just take time:  You can’t produce a baby in one month by getting nine women pregnant.”- Warren Buffett The bull market that started in March of 2009 is now on the verge of its 6th and a half year,...Read More

    “Many that are fallen shall be redeemed, and many shall fall that are now in honor.” Horace 20 B.C. During the late 1990’s, tech stocks reached valuations that nobody could explain. While most people saw the dynamically changing marketplace and felt the extraordinary impact of the internet, traditional valuation metrics such as P/E...Read More