June 29, 2020

Good Morning:

I hope this note finds you doing well. is our single largest equity holding.  For some time we have answered many questions on our intention for this position.  The latest quarter, and coming years will depict, in spa...

June 4, 2020

Good Afternoon:

I hope this note finds you and your family doing well. 

I am writing to let you know that we have been preparing for this macro environment and are ready.  The context of this note is not next week, it is a longer duration expectation (...

May 10, 2020

Good Evening,

I hope this note finds you safe.

Happy Mother's Day 2020.  In a world gone mad, Mothers are the constant that model kindness, integrity, and immeasurable unselfishness.  Thank you.

The world is going over the waterfall of change.  We...

April 13, 2020

Good Morning:

I hope this notes finds you safe and healthy.  

The below note is my attempt to summarize what has happened to the bond+income markets over the past 5+ weeks.

What has happened…

COVID-19 has morphed from Healthcare to Financial to outr...

March 14, 2020

Good Afternoon:

Per the note from Monday (below)...Thursday brought the real panic in "safe assets" like bonds, preferreds, real estate and Gold.

The pace of the recent stock market declines rivals the1987 crash...and we are now seeing how th...

March 9, 2020

Good Morning:

We are seeing a rapid re-pricing of risk assets over the past 3+ weeks.  Quick notes:

1.  This is not a 2008 systematic meltdown.

2.  Computer algorithms now run markets - therefore it will hurt all listed and exchange traded securiti...

February 11, 2020

Good Afternoon:

I hope this note finds you doing well. 

If you have not seen our Growth news please see:

Investing Rule 1:  Preservation of Capital

Investing Rule 2...

January 30, 2020

Dear Friends,

Roughly sixteen years ago I set out on a wonderful adventure - to start my own company. Kelly and I had recently had Nora (now age 16) and moved to Concord so that Kelly could be close to home and her work at Northeast Hospital. Thank...

January 10, 2020

Happy New Year:

I hope you are doing well.

For the past few months I have been troubled with the destruction of finance (as I knew it). The actions of the Central Banks have changed the rules of the game in the entirety.

Once upon a time, a real, risk f...

December 19, 2019

Merry Christmas, and Happy upcoming Hanukkah.

A quick look back-

2018 Christmas, the stock market was crashing due to strong US GDP/economic growth (i.e. interest rates were rising). 

2019 Christmas, the stock market is booming because GDP growth i...

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