July 27th, 2026
“The best way to measure your investing success is not by whether you are beating the market, but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go!” – Benjamin Graham The markets rebounded strongly in the second quarter, bouncing back from […]
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March 31st, 2026
The first quarter was marked by significant volatility, driven by a number of factors, which we foreshadowed in both January’s Annual Investment Outlook and a recent market update email. These historical and current factors, which, in our opinion, have negatively impacted equity, fixed-income, and real-estate markets for the short term, include the following: 1) Ongoing uncertainty […]
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January 15th, 2026
Colliding economic policies. Positive equity returns in 2025. More to come? “The individual investor should act consistently as an investor and not as a speculator. This means … that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting […]
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October 25th, 2025
“In investing, what is comfortable is rarely profitable.” Robert Arnott Reasonable gains were achieved across all of our strategies in the third quarter despite crosscurrents from tariffs, uncertainty about the number of Federal Reserve interest rate cuts, a weakening labor market, and continued geopolitical strife. Growing corporate earnings, modest increases in inflation, largely caused by […]
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June 30th, 2025
“The first rule of compounding is to never interrupt it unnecessarily.” Charlie Munger Looking back at the first quarter, we endured a 4.3% decline in the S&P 500®, driven largely by a significant drop in the Magnificent Seven (which saw an average decline of 15.7% among the seven companies). Value stocks significantly outpaced growth shares. […]
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