The Most Important Risk

 December 16, 2025 |Luke Charbonneau, CFA
The Most Important Risk “The essence of investment management is the management of risks, not the management of returns.” – Benjamin Graham An investment’s true risk is closely tied to your time horizon. Cash may feel safe in the short term, but inflation...
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Is AI driving a market bubble?

 November 13, 2025 |Luke Charbonneau, CFA
Is AI driving a market bubble? As enthusiasm for Artificial Intelligence has driven markets higher, some investors have begun to worry that we’re in a market “bubble”. We agree that sentiment has stretched in some pockets, and point to selectivity and...
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Why Fed Independence Matters for Investors

 September 24, 2025 |Luke Charbonneau, CFA
1. Fed Independence: Why It Matters for Investors We’re paying attention to President Trump’s challenges to the Federal Reserve’s Independence. Lately, he’s called for Fed Chair Jerome Powell to more aggressively cut rates. Powell, so far, has held his...
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Why Volatility Isn't the Real Risk

 August 25, 2025 |Luke Charbonneau, CFA
1. Why Volatility Isn’t The Real Risk There is a distinction between risk and volatility, and understanding this difference is central to long-term investing success: Risk is the permanent loss of capital, including the slow erosion of purchasing power...
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