July was a very positive month for the markets, meaningfully reversing the trend we saw in the first half of the year.  The primary causal factors seemed to be:  A 75bps rate increase from the Fed that was accompanied by what many perceived as a dovish pivot in tone.   Corporate earnings that were not as […]

The market has moved down somewhat quickly in the first half of the year, and while many of the downside catalysts remain unchanged, it’s important to remember that the market doesn’t go up or down in a straight line.  Bear market rallies can be equally as vicious as the downward moves.   The most interesting question […]

Our views have remained consistent throughout the year, and we reiterate them today. We started our January 2022 letter saying: It’s been a rocky start to the year, and while some believe we’ve hit the bottom already, we feel the potential for a downside move is not yet over.  In our March 2022 letter, we […]

It’s been a rough few weeks in the market, and I don’t believe it’s getting better for a while longer. I hate to join many others in sharing my pessimism about the near-term, but all the indicators I follow point toward a meaningful pullback. But while the timbre of other commentary is laced with fear […]