In our first note of the year, we said patience would be required as the world worked through high inflation and tightening monetary conditions. We suggested that the last 20 years have conditioned investors to assume economic events happen quickly and resolve quickly. We cautioned that this time may be different from the recent past—that...Read More

From The Perfect Storm Our investment objective is to produce above-market, risk-adjusted returns—over an investment cycle—at a lower level of experienced risk while mitigating the declines our clients experience over that investment cycle. Over the course of nine years, we have—to date—achieved it. [Past performance does not guarantee future returns.] Our method is to detect...Read More