Portfolio Review 4Q21

It was not an easy year, despite the economy recovering as we moved out of the worst of the covid epidemic, and markets hitting new highs. There are well-known problems in the economy, including inflation that seems less and less to be transitory; supply shortages; and businesses having difficulty finding employees. And in the market, […]

Portfolio Review 3Q21

To taper or not to taper, that is the question. So far, the Federal Reserve’s constant talk and threats of an impending taper have performed the job better than actually doing anything. Stocks are flat, gold is down, as are bonds. But markets are beginning to grow weary of the constant threats with no action. […]

Portfolio Review 2Q21

It is an upside-down world, where the government pays people not to work; borrowers guarantee to return less than you lent; and the wildest speculations shoot to the moon. All this is enabled, of course, by extreme monetary ease which has continued so long now that the authorities are finding it difficult—nay, almost impossible—to pull […]

Portfolio Review 1Q21

This was a difficult quarter for us, with overvalued stocks and sectors becoming even more overvalued, while gold unexpectedly languished. With many economies around the world beginning to re-open, and with central banks continuing to provide more-than sufficient liquidity, we expect equities to continue to move up, while gold should catch a bid soon. We […]