Everything is Going Up (except Bond Prices)»
October 16, 2026 –
In recent years, stocks and bonds have been highly correlated, with rising interest rates (i.e., falling bond prices) being associated with falling stock prices. But not this year. The phenomenon of rising stock prices coupled with rising bond yields is one that is a bit of a puzzler, and which we plan to explore in more detail in our November morning meeting.
Don’t Trust Your Gut»
July 23, 2026 –
Singer Bobby McFerrin had a huge hit in the late 1980s with a song called “Don’t Worry, Be Happy”, the first a cappella song to hit #1. It isn’t bad advice. For investors who truly are able to take a long view, don’t worry about whether you think stocks are cheap or expensive. Over the next 20 years, if history is any guide, you’re likely to be okay even if the first few years are a bit disappointing.
Interesting Times»
April 13, 2026 –
Run for the exit, buy the dip, or perhaps just stay the course? It’s always been very hard to predict the effects of political and economic events on markets, but it’s even more difficult in these uncertain times, so let’s focus on what we do know.
The Year Behind, the Year Ahead»
January 26, 2026 –
For 2026, we remain cautious, or perhaps even apprehensive, about future returns given valuations and macro-level risks… but despite that, we remain fully invested, since it is rarely a good idea to bet against market sentiment.
Reversal of Fortune?»
October 13, 2025 –
Before the mid 1970s, very few US investors bought non-US securities. They were exotic and difficult to research and hard to buy.
Big and Beautiful?»
July 15, 2025 –
In the past 25 years, there has been a relentless drive toward lowering US tax rates. All of that is well and good…lower taxes and smaller government are generally associated with higher growth and a business-friendly environment. But it is also important to be able to pay your bills.
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