Investment journal

Chapter 45: The Macroeconomic Outlook for Q4 2024 Dear Clients, In this investment journal, we would like to update you on the macro-level dynamics shaping the US equity markets, as we head into the final quarter of the year. In August, we explained that...

Chapter 44: Rotational Corrections: A Case Study in “Volatility does not Equal Risk” Dear Clients, In this installment, we wish to review the dynamics of a market in correction, defined as a shortlived pullback in asset prices. As we have pointed out...

Chapter 43: Spotlighting Alphabet: An Expansive Set of Value Creation Activities Dear Clients, In our prior investment journal, we referenced Alphabet, one of the highest weighted members of our investment portfolio. We have stated in past installments...

Chapter 42: Good companies, good stocks, and good valuations Dear Clients, In our last installment, we detailed our investment process of identifying good companies that are also good stocks. Good companies, as we discussed, have three characteristics...

Chapter 41: Good Stocks & Good Companies Dear Clients, In our previous December installment, we discussed our investment philosophy of uncovering “good stocks that are also good companies.” In the current investment paradigm, these investments are leading...

Chapter 40: We Wish you a Dovish Holiday Season Dear Clients, In our previous installment, we emphasized our baseline call of a soft landing for the US economy, wherein the Federal Funds Rate is sufficiently high enough to bring down inflation without...

Chapter 39: The Most Widely “Pre-announced” Recession that may not Arrive Dear Clients, The investment markets are home to a broad spectrum of perspectives, and part of our role is to parse through this mosaic and develop an interpretational advantage...

Chapter 38: Quality Prevails Dear Clients, With Q2 earnings season having concluded, the market has signaled that earnings and the economy are heading into a soft landing accompanied by a mild recalibration and rebound in earnings. From “rolling recession”...

Chapter 37: Semiconductors as Secular Growth: Nvidia Dear Clients, We are writing with an update of our portfolio positioning within a long-held segment of the portfolio, semiconductors. Long-time readers will know that we have been long-term investors...