The broad global markets have generally performed favorably and with minimal volatility over the past 12 – 18 months.  This comes as a surprise to us given all of the obvious headwinds that have seemingly gone unnoticed by market participants, … Continue reading →

We continue to witness ongoing mixed economic and market signals and have been quite cautious since the fall of 2012, when the last government shutdown was looming and the threat of default was in the foreground.  Regrettably, both fiscal and … Continue reading →

2013 was robust year for the broad US stock markets, less so for the US bonds markets, and even less so for foreign and emerging markets. Given the ongoing distortions in interest rates caused by intervention in the US debt … Continue reading →

You can always count on Americans to do the right thing – after they’ve tried everything else. -Winston Churchill Both governmental fiscal and monetary policies are arguably causing temporary, and potentially serious distortions to the nature of the marketplace. We … Continue reading →

As the second half of the year begins, we are maintaining a cautious attitude toward the global marketplace and the uncertainties surrounding corporate earnings and loose monetary policy employed by major central banks. Our concerns relate to large budget deficits … Continue reading →

Your investment results continue to reflect the robust global equity markets driven by continued, gradually improving economics and ongoing central bank intervention. We are maintaining a conservative outlook in the short-term, aiming to allocate your capital to opportunities with the … Continue reading →

Your investment results reflect a robust year for US equity markets; driven by a gradually improving economic outlook and continued central bank intervention. Our year, as always – but especially in 2012, was characterized by aggressive reflection, and selective action. … Continue reading →