The Fund has a beta1 of 0.62 (3 yrs vs S&P 500).  Do you manage the Fund with an eye toward producing a lower beta, or is that an ancillary... read more →

Does a bumpy start portend a rough year, or an opportunity? U.S. equities broke their quarterly winning streak, declining for the first time since the depths of the pandemic. The... read more →

Financial Markets Review March 14, 2022 The volatility in financial markets that began a little more than 3 months ago took another leg higher in the back half of February... read more →

COVID couldn’t close this party Another remarkable year in the stock market has come to a close. Much of the commentary in these pages will address the uncertainty that lies... read more →

2021 Year in Review 2021 is officially in the books, and what a year it was! Markets shook off meme stock mania in January, February’s deep freeze in Texas, supply... read more →

The Pause that Refreshes? For the first time since January, the S&P 500 experienced a down month. While we certainly don’t celebrate down months, they are welcome from time-to-time. Markets... read more →

The Market Marches Onward and Upward The U.S. stock market continued its relentless move higher. In the previous quarter (March 31, 2021) the S&P 500 Index posted its best 12... read more →

Financial Markets Review The broader U.S. equity and fixed income markets have managed to tread water since mid-April. Over the past six weeks ended May 31, 2021, the S&P 500... read more →

Financial Markets Review The unwavering grind higher continued through April. U.S. equities posted their third consecutive month of gains and have now closed higher in five of the last six... read more →

Market Commentary April 28, 2021 The stock market continues its impressive run. Beginning in March 2009, with what we will call a bear correction (a new term we are coining),... read more →