Q4 2022 Client Investment Letter
2022 was a difficult year for investors. It was also an unusual year. Over the twelve months to December, U.S. equities declined 19% and non-U.S. equities declined 16%. Even the…
Category: Investment Letters
Q2 2022 Client Investment Letter
Global financial markets endured significant volatility during the second quarter, following sharp swings in inflation and the path of the U.S. Federal Reserve’s interest rate hikes. Having recovered most of…
Q1 2022 Client Investment Letter
Global financial markets were impacted by several negative catalysts in the first quarter that weighed on the returns of risk assets and left few safe harbors for investors to hide.…
Q4 2021 Client Investment Letter
Global financial markets delivered mixed performance in the fourth quarter, finishing off a year that saw strong gains for U.S. equities, respectable returns for developed markets, and small declines for…
Q3 2021 Client Investment Letter
After a strong start to the year, global equity indices took a small step back in the third quarter as a variety of risks (some existing, some new) converged (see…
Q2 2021 Client Investment Letter
The continued economic re-opening and successful vaccine distribution in many regions (especially in the U.S.) allowed for a release of pent-up consumer demand. However, global supply lines remain somewhat dislocated…
Q1 2021 Client Investment Letter
The continued recovery from the Covid recession translated into strong returns for global equity markets and negative returns for bonds in the first quarter. The “risk-on” reflation trade is under…
Q4 2020 Client Investment Letter
To say 2020 was a challenging year would be a major understatement, and to say it was unprecedented has become cliché. We were all tested last year. Some of us…
Q3 2020 Client Investment Letter
As we entered 2020, we commented on how an 11-year bull market and an expanding but late-cycle global economy set the stage for difficult capital allocation decisions. We were concerned…
Q2 2020 Client Investment Letter
2020 remains a challenging year, to say the least. As each of us continues to react and adapt to ever-changing conditions, the Covid-19 pandemic marches on. During this tough time,…
Q1 2020 Client Investment Letter
As we entered 2020, we commented on how an 11-year bull market and an expanding but late-cycle global economy set the stage for difficult capital allocation decisions. We were concerned…
Q4 2019 Client Investment Letter
The fourth quarter of 2019 closed a year of surprisingly strong returns from global financial markets. Coming off a down market in 2018, global equities (led by the U.S.) rallied…