Capital markets may always reflect the aggregate expectations of investors, but those individual expectations can and will change. Sometimes those changes can come quickly with the resulting market impacts at the same time dramatic and confounding. The final months of 2016 brought with them ample reminder of these truths. Market trends after the November Presidential election left many wondering whether their portfolios should adjust to some new realty, particularly on the fixed income side of the ledger. As we wrote in last month’s commentary, we do not presently believe any marked change in expectation or allocation is warranted. Furthermore, for those still worried about the future for their bond investments, we take the opportunity this month to provide some additional perspective on the important role fixed income can play in a portfolio.

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With all matters investment related, we seek to avoid surprise when the unexpected happens. This objective promotes a healthy skepticism of the consensus view and supports a calm demeanor in the presence of market instability. Even more, measured thinking encourages a heavy emphasis on risk measurement and control, a central tenet of our approach to […]

Our approach to investment management seeks pragmatism in concept and efficiency in practice. It is grounded upon more than a century of market history and informed by our collective decades of investment and advisory experience. Executed with cost effectiveness and practicality in mind, our methodology acknowledges the give and take of return and risk inherent […]

Capital markets entered the third quarter of 2016 recovering from the turmoil impelled by the United Kingdom’s surprise vote to depart from the European Union. Nonetheless, equity markets generally saw reasonably strong gains in the third quarter, with fixed income markets generally tracing a path to green as well. Helped that fears of “Brexit” contagion […]