October 2020: COVID Vaccines & mRNA
We’ve been trying to learn as much as possible about the new Covid-19 vaccines and how they might impact the economy going forward. The science is fascinating. For years, scientists have been dreaming of using messenger RNA (mRNA) to combat disease but up until now that had been out of reach. Covid-19 has spurred major […]
October 2020: US Energy Sector
This week we want to dig into the energy sector. This is an industry that is universally despised today. This is in large part due to the fact that the energy component of the S&P 500 has underperformed the broader market by almost 80% since 2014. However, these stocks are now so beaten down that […]
September 2020: Inflation & The Stock Market
We’ve had some interesting discussions about inflation this past week and wanted to share a bit more on this topic. This week we want to discuss the impact of inflation on stock prices and returns. Many assume without looking at the historical record, that stocks are a great hedge against inflation. On the surface it […]
September 2020: Our Thoughts on Inflation
This week we want to briefly discuss a topic that many people have been asking about – Inflation. This is an enormously complex topic with so many moving parts, so we can’t really do it justice in a Weekly Thoughts note. If after reading this letter you want to discuss this topic further please reach […]
June 2020: US Banks
This week we want to highlight the US banking system and the potential for good long-term returns in this space. While many sectors of the stock market have shrugged off fears of recession, the large banks continue to trade at depressed levels. Since their peak in late 2019, these stocks are down 36% and trade […]
March 2020: Market Panic
This month has been historic for global financial markets. A combination of extremely high equity valuations in the US, spreading panic due to the coronavirus and an oil price war between Saudi Arabia and Russia have created the fastest market crash in history. The MSCI All World Index has fallen nearly 30% since it peaked […]