Academic Validation

I was at a conference recently talking to a prospective client about how we manage equity portfolios.  She was shocked when I told her we build diversified portfolios with only 20 or so common stocks.  Then I told her that since 2000 we have beaten the return on the S&P […]

Summertime Memories

In an old episode of TV’s “Mad Men,” a 10 or 11 year old Bobby Draper was at Indian Guides camp with his divorced parents.  He got to eat what he wanted, show off his parents to friends, and do silly things that kids get to do at camp.  He […]

July Investment Comments

Interest rates have taken over top billing from currencies in the financial headlines lately.  Uncertainty over Greece’s future in the eurozone and what the resolution will mean for other highly-indebted members, such as Italy, drove the 10-year German bund to an inconceivably-low near-zero yield in late April.  That move ended […]

Should Brokers Get a Break?

The Securities and Exchange Commission is considering applying the same fiduciary standard to the brokerage industry to which it currently holds investment advisors (like us).  The proposed change could mean the end of the full-service brokerage industry.  That might be a good thing. The last time the SEC took such […]

June Investment Comments

After strong market advances in 2013 and 2014, we have been bracing ourselves for a modest 2015.  So far we have been spot on.  The S&P 500 through April has advanced 1.9% for the year, currently down slightly from a fresh record on April 24th.  We also expected more volatility […]

Stay the Course

When doing my normal reading, I came across a March 9th Wall Street Journal article “How to Survive a Bear Market.”  It is no secret that the stock market is at all time highs, making articles like this very popular.  I think there is some pretty good information from the […]

May Investment Comments

Nothing is simple in economics.  Falling prices for oil and natural gas should be a net positive for the economy, but not for every individual.  The stronger value of the dollar similarly creates winners and losers.  And then there are the vagaries of weather. It was believed that consumers would […]

Your Digital Security

1920’s bank robber Willie Sutton was quoted as saying he robbed banks “because that’s where the money is.”  Banks are still where the money is, but instead of needing guns, today’s bank robbers try to steal electronic credentials that protect our money. Target, Home Depot, JP Morgan Chase, Sony, Anthem […]


April Investment Comments

With the dollar rallying sharply against the euro, U.S. investors might want to spend some vacation days—and dollars—on the Continent this summer.  $1 buys €0.95 right now, up from €0.88 one month ago. Last year at this time, $1 was worth €0.71.  The American traveler has effectively become 34% richer […]