Earnings season rolls in every quarter with a familiar buzz of headlines, analyst forecasts, and nonstop commentary on who beat expectations and who...
Why Earnings Season Doesn’t Change Our Approach (Or Yours)
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2024 Q4 Quarter-End Market Update: Wrapping up a Tumultuous Year
Where to Begin? We have been writing these letters for decades and have had some interesting times to write about, but 2024 is challenging to...
Big Changes in the Equity Markets
The Dow Jones Industrial Average (which has a lot of value stocks) closed up over 700 points today, hitting a new record high, almost 41,000. The...
2024 Q2 Quarter-End Market Update: Memory Lane
On October 1, 1999, almost 25 years ago, an intrepid little band of financial advisors and staff made their way from Palo Alto to Redwood Shores to...
2024 Q1 Quarter-End Market Update: RIP Danny Kahneman
Danny Kahneman, who passed away last week, was one of my intellectual heroes. Along with his close collaborator, Amos Tversky, who passed in 1996,...
Nvidia Frenzy and the Fear of Missing Out
You may remember the two powerful emotions we guard against in a long-term investment program—fear and greed. These two villains aim to cause you to...
2023 Q4 Quarter-End Market Update: The Great Puzzle
I think it is fair to say, as we end this interesting and challenging year and head into perhaps the strangest election year ever, that we are faced...
Global Events and Capital Markets
Where to begin? It is difficult to make sense of all of the events unfolding around the world as we approach the end of a tumultuous year and look...
Understanding Bonds vs. Cash. Why Bonds Now?
We are approaching the end of the third quarter, and it has been eventful and somewhat confusing for everyone. It would be easy to get lost in the...
2023 Q2 Quarter-End Market Update: The Magnificent Seven
Time to Ride! As you probably heard, Nvidia has had quite a run this year, as AI has suddenly become the Big Thing. Nvidia recently closed with a...