Before we get down to business, it is always good to take a moment for the most important things. In 1776 we were blessed with the opportunity to become a free and sovereign nation. Having achieved that, we were doubly blessed when our Founders wrote and adopted our...

Perspectives on Service, the China Deal, Brexit, Iran and Interest Rates   First of all, let’s take a moment on this Memorial Day weekend to honor those who protect our nation and make our lives and liberty possible, especially those who have made the ultimate...

A scary movie It’s the fortieth anniversary of the 1979 film The China Syndrome [1] starring Jane Fonda, Jack Lemmon and Michael Douglas, which exposes serious safety issues at a California nuclear plant. The term ‘China syndrome’ refers to a nuclear accident causing...

If we ever needed a demonstration of how the market can throw you a serious head fake, we just got one. After a down Q4, with the month of December being particularly rocky, the first quarter of this year was just splendid. Domestic equities and REITs rose more than...

Happy New Year! If there is anyone left who thinks he can predict what the markets are going to do next, I assume he has not been paying attention lately. We had a difficult December, including such a bad Christmas Eve that I felt compelled to write a short note to...

Contemplating just a few of the amazing things that are changing our world right before our eyes Out with the old, in with the new Our last few letters, written during what we might call the December Debacle, discussed the falling equity markets, and even looked back...

Sitting here early Christmas morning, thinking about yesterday and this month, wanted to write you a brief note. We had a rough day on Christmas Eve; the S&P 500 is now down 20% from its 52-week high. [i] Not from the beginning of the year, but from its high...

The markets did not react well to this week’s Federal Reserve meeting announcement and Fed Chair Jerome Powell's press conference. The Fed raised overnight rates 0.25% to 2.25-2.50% and have now raised rates three times this year. Going forward they did cut their...

First of all, RIP President George H.W. Bush, who passed away November 30 at age 94. He was a gentleman, and we may not see another like him in public life for some time. I just finished searching media sites for comments, and I found a remarkable level of respect and...

Seriously, even as we experience some turmoil in the market, we wanted to wish all of you a very happy Thanksgiving. We should enjoy our holiday with family and friends and resist being distracted by short term issues. We’ve seen this before, and we know the...