Portfolio Review 4Q20

Few will regret the passing of Anno Domino 2020, though investors per se for the most part did well. (This letter focuses on investments, without any callousness to other considerations.) The U.S. stock indices closed at highs; global equity indices, gold, bonds, real estate, all closed at or near highs. This apparent dichotomy between the […]

Portfolio Review 3Q20

It was a difficult quarter, with political chaos, covid still a concern—from a new curfew and restrictions in Britain and Spain to the illness of President and Mrs Trump as reminders—an economic recovery in the U.S., one of the strongest quarters ever (though of course following the worst quarter since the Great Depression), but an […]

Portfolio Review 2Q20

Global stock markets zooming ahead amidst historic unemployment and economic contraction is surreal. Half of the U.S. has been locked down, with economies virtually shut, a second virus wave appears underway, yet the stock market is almost back to February’s highs (the Nasdaq is at all-time highs). And this is not only in the U.S.; […]

Portfolio Review 1Q20

A Black Swan appeared in the form of a virus, slamming the economy and markets, with virtually every asset class and every market down sharply in March and for the quarter. There was no escaping, other than short-term Treasuries, and to some extent gold. Two points need emphasizing. Even before the virus made its appearance, […]