Latest Quarterly Commentary

Portfolio Comments
For the Quarter Ending June 30, 2020

According to those who tally such data, an unusually-subdued Warren Buffett said “I don’t know” an unprecedented 30 times during his virtual Annual General Meeting address on May 2nd. Offering an analogy for adverse economic conditions acting as the great revealer of financial strength, he has famously quipped in the past that “only when the tide goes out do you discover who’s been swimming naked”. The disruption wrought by the COVID-19 pandemic has, however, laid bare uncomfortable truths extending beyond the economic and financial. The U.S. stock markets recouped a sizeable portion of their first quarter losses, but some underlying seismic shifts have taken place that will reverberate for a long time to come. Continue reading

Market Commentary March 2020

We find ourselves in unsettled times with many unanswered questions and uncertainties. Caution and a retreat to safety are natural responses, both for individuals and the financial markets. Continue reading