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…
Investment Letters
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…
Q3 2019 Client Investment Letter
Global financial markets generated mixed returns in the third quarter. U.S. equities, led by large-caps, were slightly positive as were fixed income returns across the board. However, smaller-cap U.S. stocks,…
Q2 2019 Client Investment Letter
In June, global financial markets closed a second consecutive quarter of positive returns, though not without its fair share of noise and volatility. Ongoing trade tensions continued to generate turbulence,…
2019 Q1 Client Investment Letter
Global equity markets started this year on a positive note, generating broad gains in the first quarter, rebounding off a difficult end to 2018. Major investment-grade bond indices delivered a…
2018 Q4 Client Investment Letter
After reaching all-time highs in the third quarter, major U.S. equity indices fell sharply in the fourth quarter of 2018. The S&P 500 Index briefly entered bear market territory ¹…
2018 Q3 Client Investment Letter
While the third quarter saw a relatively calm environment for equities, especially U.S. stocks, in hindsight it was the “calm before the storm…”
2018 Q2 Client Investment Letter
The second quarter brought renewed strength in U.S. equities, which posted gains on the heels of modest losses earlier in the year…
2018 Q1 Client Investment Letter
The first quarter brought a departure from the strong, steady gains in asset prices that investors grew accustomed to in 2017…