Mid-Terms and Markets
“Historically, investors overestimate the impact of political parties, Presidents, and legislation. Even if one was to correctly forecast a political outcome, markets seldom react in…
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How Advisors Saddle Clients with Massive Tax Bills
My favorite quote on taxes comes from Morgan Stanley… “You must pay taxes, but there’s no law that says you have to leave a tip.” Recently, we met a prospective client that was baffled how her advisor generated a large...
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When the Fed Pivots
“History never repeats itself, but it does often rhyme.” – Mark Twain There have been 85 cycles where the Fed has increased interest rates since…
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October 2022 Market Commentary
“If everyone is thinking alike, somebody isn’t thinking.” – General Patton Pure Portfolios’ Chief Investment Officer, Nik Schuurmans, talks sticky inflation, the U.S. consumer,…
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Silver Linings in a Dismal Year
“It’s not just good news that causes bear markets to end, but better-than-expected news that is simply less bad.” – Ben Carlson, Wealth of Common…
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Surprised by Surprises
“The correct lesson to learn from surprises is that the world is surprising.” – Morgan Housel, The Collaborative Fund Unprecedented. Extraordinary. Unexpected. Once in a…
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Year of the 180
“Most investors tend to project near-term trends – both favorable and adverse indefinitely into the future.” – Seth Klarman, famous investor Let’s go back to…
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September 2022 Market Commentary
“My first boss told us, what’s obvious is obviously wrong. It’s already reflected in security prices. The world changes. And you’re only going to pick…
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The Market Could Be Wrong About Inflation
“I don’t mind going back to daylight savings time. With inflation, the hour will be the only thing I’ve saved all year.” – Victor Borge,…
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Fighting the Urge to Throw in the Towel
“If a topic makes someone feel emotional, they will rarely be interested in the data. This is why emotions can be such a threat to…
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