February 2026 - The Safest Part of Your Portfolio Has Been Anything But
February 2026 - The Safest Part of Your Portfolio Has Been Anything But
Dear Investors and Friends, Market narratives change quickly. Gold has moved higher. Bitcoin has been hammered. Technology and software stocks, which until recently appeared to mov…
February 12, 2026
January 2026 - The 2026 Base Case, and Why We Don’t Rely on It
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January 2026 - The 2026 Base Case, and Why We Don’t Rely on It
Dear Investors and Friends, Each January, markets are flooded with forecasts. Growth, inflation, interest rates, stocks, bonds, all wrapped into neatly packaged “base cases.” This …
January 05, 2026
December 2025 - Why QE in a Strong Economy? Understanding the Fed’s New Challenge
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December 2025 - Why QE in a Strong Economy? Understanding the Fed’s New Challenge
Dear Investors and Friends, After our November letter, several readers asked an important and very reasonable question: Why would the Federal Reserve even consider quantitative eas…
December 17, 2025