August 11, 2023

Fiscal Dominance: What It Is, and Why You’re Going to Hear More About It

Famed American economist and Nobel Laureate Milton Friedman often said that monetary policy works with “long and variable lags.” Conventional wisdom is that the effects of […]
June 26, 2023

Why Does Private Equity Outperform?

Private equity (PE) is a difficult asset class to benchmark, but by every available measurement it has produced excellent returns over long periods of time. The most […]
March 20, 2023

Follow-up on the Failure of Silicon Valley Bank: A Look at Where Things Stand Today

Recap of March 10 As I am sure all of you are aware at this point, on Friday, March 10, 2023, the California Department of Financial […]
March 15, 2023

The Failure of Silicon Valley Bank

As I am sure all of you are aware at this point, on Friday, March 10, 2023, the California Department of Financial Protection and Innovation took […]
February 27, 2023

Inflation Reaccelerates, Higher-For-Longer Interest Rates and Strategies for Uncertain Times

The market narrative appears to be approaching a crossroads after an oddly sanguine few months. The hopeful chatter of a “Fed Pivot” now seems starkly at […]
January 12, 2023

A Year to Forget for Stock/Bond Markets

The -18.1% return for the S&P 500 in 2022 was the fourth worst calendar year return for the broad US large cap equity index since 1973. […]
August 30, 2022

Lessons From Jackson Hole

Last week the Federal Reserve Bank of Kansas City hosted its annual Jackson Hole Economic Policy Symposium. The Jackson Hole Symposium had humble beginnings with then […]
June 30, 2022

A New Regime: Implications for Valuations

“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” –Warren Buffett Among Warren Buffett’s many insightful investment lessons, […]
June 3, 2022

Tightening Financial Conditions Start to Bite, Inflation Focus Shifts to Growth

Market Commentary May was a tale of two halves in global markets with early month jitters giving way to late month dip buying as the narrative […]
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