Quarterly Commentary

Q4 2017 Quarterly Review & Outlook

January 12, 2018

Predicting rain doesn’t count.  Building arks does. — Warren Buffett   As we look back on the year that just ended, we are struck by the very solid gains posted by equity markets.  Admittedly, our investment committee expected double digit… Read More

Q3 2017 Quarterly Review & Outlook

October 11, 2017

Economists are often asked to predict what the economy is going to do.  But economic predictions require predicting what politicians are going to do—and nothing is more unpredictable. — Thomas Sowell Ph.D, Hoover Institution, Stanford University   As Korean missiles… Read More

Q2 2017 Quarterly Review & Outlook

July 13, 2017

In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate. — U.S. Federal Open Market Committee, June 14, 2017 All the signs now point to a… Read More

Q1 2017 Quarterly Review & Outlook

April 7, 2017

“The simple message is the economy is doing well…We have confidence in the robustness of the economy and its resilience to shocks…We’re operating in an environment where the U.S. economy is performing well and risks seem pretty balanced.  I think… Read More

Q4 2016 Quarterly Review & Outlook

January 19, 2017

Come Senators, Congressmen, Please heed the call Don’t stand in the doorway, Don’t block up the hall For he that gets hurt, Will be he who has stalled There’s a battle outside, And it is ragin’ It’ll soon shake your… Read More