Subscribe to Insights

From the Investment Team

Read the latest research and insights from our Investment Team
Subscribe to updates...

Latest Podcast:

Latest Commentary:

February 7, 2024
AI in Practice

In this podcast, I provide some early glimpses of the power of artificial intelligence in practice. I also discuss some concerns I have for the technologies' broader usage in investment management and allow Microsoft's CoPilot to chime in.

Read More
January 12, 2024
Q424 Quarter in Review

The year saw gains most everywhere one looked, but those gains came with a fair share of volatility as investor sentiment shifted along with expectations for interest rates and macroeconomic growth. Reversing the negativity of Q3, the final quarter saw across-the-board gains for stocks both here and abroad. Growth stocks extended a substantial lead over […]

Read More
January 5, 2024
Been Here Before

This month five years ago, we provided a data-focused retrospective showing performance subsequent to investments in the domestic stock market at near-term peaks. At the time, we had just experienced a year like no other: each month in 2017 saw a market peak (including the effects of dividends) higher than that achieved the prior month […]

Read More
December 5, 2023
“Magnificent” Year

A bit contrary to the old saw that diversification is your friend, just a handful of stocks generated the bulk of the market’s historically generous performance for the year to date. These enormous, mostly Technology-oriented companies also dominated market conversation in 2023. A good bit less covered are other distinctions of this year’s market momentum: […]

Read More
November 1, 2023
Reconsidering Duration

Those investors pulled toward short-term Treasuries for their multi-decade peaks may wish to look beyond near-term highs at the front end of the yield curve to ensure they have a plan for those funds when maturities arrive. Such generous yields might not then be on offer. That “reinvestment risk” might mean that longer-term bonds may […]

Read More
October 16, 2023
Q323 Quarter in Review

What started out as a positive quarter for stocks turned quite negative, as investors seemed to worry anew about potential ongoing implications for a higher interest rate environment. Here at home, Value stocks gained back a bit of lost ground over the quarter, while Outside the U.S Value stocks were flat amidst a broader-market selloff. […]

Read More
October 7, 2023
Omnia Mutantur

Investors routinely, seemingly instinctually, look to the past for clues to qualify the present and gauge the future. We certainly place a great deal of weight on, for example, characteristics of individual stocks that have tended to lead to longer-term outperformance. But past as proxy for long-term expectations seems to us far more defensible than […]

Read More
September 1, 2023
One of Many Objectives

Cash holdings may provide comfort, but inflation diminishes the value of uninvested cash over time. Outside of purchase delays and product substitutes, there is little more consumers can do to directly address inflation. Investors, on the other hand, have a range of options to address that potential drag. The greater the expected return of a […]

Read More
August 4, 2023
The Future You [Don’t] See

Wall Street loves itself a forecast. Fulfilling that want, there are groups of folks whose business it is to estimate the future paths of most meaningful financial metrics. Regular readers know we don’t place too much stock, as it were, on market or macroeconomic prognostications. As generally unreliable as they might be, though, we don’t […]

Read More
July 7, 2023
Q223 Quarter in Review

So long as one did not carry too substantial an amount of interest rate risk in portfolios, markets provided a solid foundation for generally positive returns over the past quarter and year. While fixed income returns have yet to register the now higher yields on offer (recall that yields up = price down in bonds), […]

Read More
1 2 3 13
120 Newport Center Drive
Suite 100
Newport Beach, CA 92660
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram