First Quarter 2019 Investment Commentary

It certainly feels better to see strongly positive portfolio performance this quarter compared to the losses in the fourth quarter of 2018. The market rebound was due more to improving investor sentiment and risk appetite—caused largely by the shift in Federal Reserve monetary policy—than any meaningful improvements in underlying economic or business fundamentals.

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Year-End 2018 Investment Commentary

Across the board, it was an extremely difficult year to make money in the financial markets, with almost every asset class and financial market down for the year. The contrast with 2017’s strong market results is also striking—and serves as a useful reminder of the unpredictability of markets.

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