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Q4 2025 Investment Commentary and Outlook

Q4 2025 Investment Commentary and Outlook

Markets continued their ascent in Q4 to cap off another great year. Every major asset class was up, with equities leading the way. Our client portfolios outperformed significantly as nearly every one of our overweight/underweight calls proved correct. Most impactful was our equity overweight and cor...

January 13, 2026 07:28 PM - Comment(s)

Q3 2025 Investment Commentary and Outlook

Q3 2025 Investment Commentary and Outlook

The third quarter of 2025 delivered solid returns for equity investors. Markets pushed to new highs as investors looked past earlier concerns about tariffs and trade policy uncertainty, choosing instead to focus on expectations of Fed rate cuts and resilient corporate earnings. Even a U.S. governmen...

October 07, 2025 07:33 PM - Comment(s)

Q2 2025 Investment Commentary and Outlook

Q2 2025 Investment Commentary and Outlook

Markets suffered double digit losses following the liberation day tariff announcement. A week later, Trump pivoted by announcing a 90 day pause. Since then, markets haven’t looked back, recovering all their losses and ending ...

July 12, 2025 09:31 AM - Comment(s)

Q1 2025 Investment Commentary and Outlook

Q1 2025 Investment Commentary and Outlook

After a strong start in January, markets gave back most of their gains by the end of Q1 as Trump began his trade war. Last newsletter we cautioned that, “2025 is likely to exhibit more volatility and less upside”. Unfortunately, this has turned out to be true. Much is this is normal, markets go thro...

April 03, 2025 01:17 PM - Comment(s)

Q4 2024 Investment Commentary and Outlook

Q4 2024 Investment Commentary and Outlook

2024 was a phenomenal year for investors. Nearly every asset class was up dramatically, benefiting from a strong global economy, central bank interest rate cuts and the expectation of more to come. We are very pleased with our portfolio’s performance this year, but caution that 2025 is likely to exh...

January 05, 2025 11:05 PM - Comment(s)

Market Update

Market Update

Before diving into the election, it’s important to recognize that politics is not a significant driver of market returns. Politicians get way too much credit when the economy is strong and too much blame when it’s weak. Furthermore, our view is clouded by our own political affiliation. The chart bel...

November 06, 2024 09:16 PM - Comment(s)

Q3 2024 Investment Commentary and Outlook

Q3 2024 Investment Commentary and Outlook

Markets continued to rally in Q3 as recession fears faded, inflation slowed and central banks began to implement their long promised rate cuts. China added to the optimism by announcing a significant stimulus package with potentially more to come. As a result, every major asset class was up with sto...

October 08, 2024 05:07 PM - Comment(s)

Q2 2024 Investment Commentary and Outlook

Q2 2024 Investment Commentary and Outlook

The market rally that began last November continued in Q2 albeit at a more modest pace. Global economic growth has been choppy but positive and earnings continue to grind higher. Recession fears are fading, but signs of sticky inflation have surfaced. As a result, investors have tempered their expec...

July 09, 2024 11:37 PM - Comment(s)

Q1 2024 Investment Commentary and Outlook

Q1 2024 Investment Commentary and Outlook

The market rally that began last November continued in Q1 as global economic growth and earnings accelerated. Fears of recession have faded causing investors to pile back into risk assets, pushing up prices. This trend should continue until there are signs that inflation will remain sticky and there...

April 09, 2024 05:38 PM - Comment(s)

Q4 2023 Investment Commentary and Outlook

Q4 2023 Investment Commentary and Outlook

After being largely range bound for most of 2023, markets rallied substantially in Q4 as inflation continued trending down and the consensus began to price in central bank rate cuts for 2024. The result was a pretty decent year in the markets which saw gains across all major asset classes. This was ...

January 11, 2024 05:18 PM - Comment(s)

Q3 2023 Investment Commentary and Outlook

Q3 2023 Investment Commentary and Outlook

Similar to Q2, equity markets were largely range-bound in Q3, as positive economic news was offset by stronger inflation and therefore higher interest rates. You can see the impact of this most acutely for Bonds, which were amongst the worst performing asset class on a 3 month and 1 year basis. To u...

October 05, 2023 11:04 PM - Comment(s)

Q2 2023 Investment Commentary and Outlook

Q2 2023 Investment Commentary and Outlook

Markets were range-bound in Q2, as positive economic news was offset by stronger inflation and therefore higher interest rates. A notable exception was significant upside for companies involved in AI. We are not inclined to chase this trade as big-tech valuations which were high to begin with have b...

July 08, 2023 09:57 PM - Comment(s)

Q1 2023 Investment Commentary and Outlook

Q1 2023 Investment Commentary and Outlook

Easing inflation and resilient economic growth allowed markets to continue the recovery that began in Q4. While the collapse of Silicon Valley Bank (SVB) was a temporary setback, most major asset classes still ended the quarter higher.

WHERE ARE INTEREST RATES HEADED?

Rising interest rates have alread...

April 10, 2023 11:19 AM - Comment(s)

Market Update

Market Update

As you may know, last week Silicon Valley Bank (SVB) became the second-biggest bank failure in U.S. history. We wanted to provide you with a brief note explaining what happened, what’s next and how it impacts our portfolio strategy.

WHAT HAPPENED?

During the pandemic, SVB which primarily deals w...

March 14, 2023 09:47 PM - Comment(s)

Q4 2022 Investment Commentary and Outlook

Q4 2022 Investment Commentary and Outlook

Markets staged a recovery in Q4 on the back of easing inflation and resilient economic growth. This helped recoup some of the losses investors experienced in 2022, but we still saw both global stocks and bonds down double digits through the year. This is quite unusual, as bonds tend to perform well ...

January 13, 2023 11:25 AM - Comment(s)

Q3 2022 Investment Commentary and Outlook

Q3 2022 Investment Commentary and Outlook

All market cycles are unique, but the last 3 years have been a roller coaster like nothing we’ve seen before. The pandemic prompted the S&P 500 to experience the fastest 30% correction in history, then the second fastest recovery of all time. Exorbitant stimulus and rock-bottom inte...

October 11, 2022 02:26 PM - Comment(s)

Q2 2022 Investment Commentary and Outlook

Q2 2022 Investment Commentary and Outlook

Markets continued selling off in Q2 as persistently high and rising inflation forces central banks to raise interest rates. The effect was felt most acutely in speculative assets like cryptocurrency (-70% from the highs), ARK Innovation fund (-72%), long-term bonds (-32%), technology stocks (NASDAQ ...

July 07, 2022 09:31 AM - Comment(s)

Q1 2022 Investment Commentary and Outlook

Q1 2022 Investment Commentary and Outlook

Markets have had an exceptional run since the pandemic lows, in which nearly every major asset class posted significant gains. In sharp contrast, this quarter saw nearly every major asset class fall. Fortunately, our client portfolios outperformed due to our maximum underweight in bonds and growth s...

April 09, 2022 06:22 PM - Comment(s)

Market Update

Market Update

As you know, on February 24th, Russia launched a large-scale military invasion of Ukraine. The news is unfolding rapidly and covered in great detail by news outlets, brave journalists and individuals, so we will not re-hash those details here. Instead, we’ll be focusing on the impact of this crisis ...

March 06, 2022 09:25 PM - Comment(s)

Q4 2021 Investment Commentary and Outlook

Q4 2021 Investment Commentary and Outlook

Volatility picked up in Q4 as the underlying strength of the economic recovery was challenged by Omicron and persistently high inflation, which has prompted central banks to discuss interest rate increases. Meanwhile, existing government stimulus measures have been winding down and renewed stimulus ...

January 07, 2022 07:20 PM - Comment(s)

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