Investment Letter Archive

2021 Q3 Investment Letter (Portfolio Adjustments)

2021 Q3 Investment Letter (Portfolio Adjustments)

https://vimeo.com/651170618 The S&P 500 Index returned 0.58% and the S&P Global Broad Market Index returned -1.03% in the quarter ended September 30, 2021.1 From an overall market return perspective, the third quarter proved uneventful. However, under the surface, we saw a continuation of the substantial year-to-date outperformance of cyclical sectors such as financials and real …

2021 Q2 Investment Letter (Inflation)

2021 Q2 Investment Letter (Inflation)

https://vimeo.com/588911854The S&P 500 Index returned 8.55% and the S&P Global Broad Market Index returned 7.22% in the quarter ended June 30, 2021.1 Currently, one of the most dominant concerns among investors is inflation: specifically, whether the recent rapid price increases that we’ve seen in commodities, wages, and asset prices (stocks, housing) are signs of a …