As I write this letter, COVID 19 reported case counts have hit daily records in excess of 80,000 and the on again, off again, negotiations on another government stimulus seem to be…off again.  More than 11 million Americans find themselves unemployed, and Pfizer announced earnings this morning without any statement as to the efficacy of...

Who could have imagined that in the course of less than thirty days the US economy could move from the strongest in generations, to the weakest since the dust bowls of the Great Depression. Yet, that is exactly what happened.

I’ve been reluctant to write this blog although many have suggested it over the last couple of years.  I’ve hesitated because it is a deeply personal story.  Sometimes I have been reminded that my story is an illustration of my character and therefore directly indicative of my abilities as an advisor.  In the late summer of 2015, I lost...

April 21, 2020 My previous letters have referenced the asymmetric risks and rewards of investing in a world of geopolitical uncertainty and technological possibility. We must now weigh the effects of biological stresses on our social and economic structures.  The volatility of the final six weeks of the quarter reinforces our commitment to...

As we review 2019 and anticipate 2020, the geopolitical stresses we referenced last year have been exacerbated by recent events in Iran as well as the now obvious economic decoupling of the US and China.  Yet technology continues to provide opportunities for literally exponential growth as its networking effects (the idea that tech platforms...

I read this article in the WSJ recently about a ninety something year old former physician and what it was like to make house calls; how much the patients appreciated his being there at 3:00 in the morning. And how grateful he was for their appreciation. It reminded me of what the advisory business was like when I first got into the business in...