Portfolio Review 4Q 2025

Although nearly all markets and all asset classes were up in the year just ending, and by meaningful amounts, this masks the great rotation that is underway. U.S. equities are faltering and the Magnificent Seven beginning to roll over, while global markets outperformed the U.S., almost doubling its performance, for the first time since the […]

Market Insight – Is This a Top for Gold and Silver… and How do we Know?

Gold last Tuesday had its worst one-day decline for 13 years, and it has slid further since then in sometimes choppy trading. Since Tuesday morning, gold is down 9%. The stocks exhibited leverage on the downside, plunging virtually 10% on Tuesday and are further down today after a failed rally attempt at the end of […]

Portfolio Review 3Q 2025

The changes in the global monetary system, both from the center and from the periphery, will have as deep an impact on the global economy and the markets as the last major change, in 1971, when the U.S. closed the gold window, ending the last vestige of the gold system. These impacts are likely to […]

Portfolio Review 2Q 2025

This year, if it has been marked by anything, it’s uncertainty, and volatility. British politician Rab Butler famously said that “a week in politics is a long time,” but it seems recently that a day is an eternity. Uncertainty leads to indecisive and rapidly changing decisions, whether in business or in investing. Bill Dunkelberg, Dean […]

Portfolio Review 1Q 2025

The new U.S. Administration may have hastened some economic and market trends, but the underlying factors were already underway. Inflation has been picking up since last July; the U.S. consumer has been pulling on the reins for months now amid tapped-out credit; the Federal government has been careening towards a debt crisis. The stock market […]