Investor Letter Archive

Investor Newsletter
Q4 2025

What occurred this Summer and into the Fall was simply remarkable. Markets chased themselves in a circular spiral up. To us, at some point during Q3 it no longer resembled investing.

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Market Outlook
Q3 2025

Stop playing with QE type valuations before you go and get hurt! The market has decided to mistake yield for risk premium again. We think the market will finally recognize yield as abundantly available in H2 2025 – and…

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Market Outlook
Q2 2025

Market participants are struggling with the new (investing) world order. The first 16-weeks of the year have largely matched our expectations. Perhaps the best way to highlight this is to revisit the market outlook slides…

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2025 Market Outlook:
Too Many Bonds

Invest and allocate on a dogmatic assumption that high interest rates were certain to slow and eventually stall the economy, causing the Fed to cut their policy rate and bond yields across the curve to fall.

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2024 / 2025
Recap & Outlook

We anticipate a very challenging market environment in 2025 as a plethora of misguided 2024 market developments collide. However, the main driver will be investors’ inability to cauterize the wounds of deficit spending and…

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Investor Newsletter
Q3 2024

On Thursday September 12th I had a zoom call with an Op-Ed editor from the Financial Times (“FT”). This Zoom came about following an unexpected call I received from a long-time acquaintance of mine…

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