Quarterly Commentary

Q2 2022 Quarterly Review & Outlook

July 18, 2022

“Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.” — Ronald Reagan   1980 saw the “Miracle on Ice”, the beginning of CNN, the introduction of Post-It notes, and… Read More

Q1 2022 Quarterly Review & Outlook

April 6, 2022

“The World Has a Funny Way of Not Coming to an End” — James Grant   The first quarter of 2022 began with a sizable sell off as the markets responded quite negatively to a big jump in inflation, rising… Read More

Q4 2021 Quarterly Review & Outlook

January 11, 2022

“Life is like riding a bicycle. To keep your balance, you must keep moving.” — Albert Einstein   The markets ended 2021 with strong gains even in the face of uncertainties regarding inflation, supply chain disruptions, and the outbreaks of… Read More

Q3 2021 Quarterly Review & Outlook

October 13, 2021

Things may come to those who wait, but only the things left by those who hustle. — Abraham Lincoln     Last quarter we remarked at how far the U.S. economy had come since the beginning of the year when… Read More

Q2 2021 Quarterly Review & Outlook

July 12, 2021

These (inflationary) effects have been larger than we expected, and they may turn out to be more persistent than we expected, but the incoming data are very much consistent with the view that these are factors that will wane over… Read More