Scott Horsburgh, CFA


The Elephant in the Room

Performance.  It is considered a vulgar word in the financial advisory industry, and the reasons aren’t hard to understand.  Numerous studies have shown that between 60% and 80% of mutual funds underperform their benchmarks.  It almost has to be that way.  Collectively, the large institutional investors are the market.  After […]


August Investment Comments

If you don’t understand what the Greek government is doing, you aren’t the only one—the Greek government doesn’t seem to know either.  Just one week after Greek voters turned down Europe’s latest offer of a financial rescue, its leaders agreed to an even more painful deal.  This came after Prime […]


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 […]


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 […]


February Investment Comments

The 2015 Outlook: Global Economies, Oil, & Currency The chief economist of the World Bank noted that “the global economy is being pulled by a single engine – the U.S. economy.”  While this is flattering, he also noted that “it is really not enough.”  Developments over the past 6-7 months […]


November Investment Comments

October is unfortunately living down to its reputation as a particularly difficult month for stock investors.  So far through mid-October, the S&P 500 is up 1.6% in 2014 excluding dividends.  The Russell 2000 Index of small stocks is down 8.5%.  Substantially all of the deviation has occurred since the end […]