November 2025 - When Liquidity Returns Before It’s Needed
November 2025 - When Liquidity Returns Before It’s Needed
Dear Investors and Friends, For most of the past two years, the Federal Reserve has been shrinking its balance sheet through quantitative tightening, allowing bonds to mature witho…
November 14, 2025
October 2025 - When the Risk-Free Rate Isn’t Risk-Free
October 2025 - When the Risk-Free Rate Isn’t Risk-Free
Dear Investors and Friends, In August we wrote about the illusion that sometimes what looks like rising wealth is simply a weakening currency. When money itself loses purchasing po…
October 14, 2025
September 2025 - When Politics Pressures Money: What History Says About Inflation, Long Rates, and Stocks
September 2025 - When Politics Pressures Money: What History Says About Inflation, Long Rates, and Stocks
Dear Investors and Friends, Last month, we explored the paradox of rising equity markets in a world where purchasing power is declining. Our point was simple: nominal gains are not…
September 04, 2025