Category Archives: Monthly Recaps

Despite a tumultuous month, nothing really new came to light.  Contrarily, we believe markets finally began to recognize many of the imbalances that have been percolating in plain sight.  Nonetheless, we are pleased to say our portfolios performed quite well.   … Continue reading →

Quote of the Month “I can’t eat an iPad.” – Attendee response to NY Fed President William Dudley’s speech suggesting inflation is not a concern since consumers can buy an iPad 2.0 at the same cost as the original iPad … Continue reading →

Quote of the Month “The banks of Europe are all in the problems there together, aren’t they? In what is a shockingly incestuous banking relationship, we are stunned to see just how large are the exposures that the various banks … Continue reading →

Quote of the Month “Problems can’t be solved by the same level of thinking that created them.”  - Albert Einstein Update on Themes & Positioning On November 3rd, as suspected, the Federal Reserve announced the second iteration of quantitative easing … Continue reading →

Quote of the Month “I can calculate the motions of the heavenly bodies, but not the madness of people.”    – Isaac Newton, 1720 Update on Themes & Positioning The volatility that we highlighted in our August recap continued in … Continue reading →

Quote of the Month “Letting markets clear may be the shortest distance between recession and recovery.  By intervening to postpone needed adjustments, the Fed may be thwarting the return of growth it seeks.” – Grant’s Interest Rate Observer, July 9, … Continue reading →

Quote of the Month “The U.S. is closer to a Japanese-style outcome today that at any time in recent history…”    –  James Bullard, Federal Reserve Bank of St. Louis Update on Themes & Positioning Equity markets rallied strongly in July … Continue reading →

Quote of the Month “We have tried spending money. We are spending more than we have ever spent before and it does not work… We have never made good on our promises…. I say after 8 years of the Administration … Continue reading →

Quote of the Month “Now this is not the end.  It is not even the beginning of the end.  But it is, perhaps, the  end of the beginning.”  – Winston Churchill, November 1942 Update on Themes & Positioning On the … Continue reading →

Quote of the Month “Events can move from impossible to the inevitable without ever stopping at the probable.”  – Alexis De Tocqueville Update on Themes & Positioning The low volatility melt-up in equity prices that has characterized financial markets since … Continue reading →