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
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