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Bull and Bear Markets (June 2022 Newsletter Excerpt)

Bull and Bear Markets (June 2022 Newsletter Excerpt)

A bear market occurs when the stock market goes down 20% or more. The S&P 500 crossed this line on Friday May 20, 2022 and rallied back up by about 6% by the end of the month. We have almost 100 years of market data to help us get a sense of how normal this…
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Distribution of Global Wealth (May 2022 Newsletter Excerpt)

There is a funny thing about life experience. Not only is it mostly non-transferable, but also somehow, life can feel like a series of new things when it’s often a remix of our past experiences. There are many truisms that can be said of investing: Pessimists are always right … eventually, but only temporarily. By…
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Inflation and The Price of Candy (April Newsletter Excerpt)

For those who grew up in the United States, most of our experience with inflation has been relatively tame. The exception of this was the 1970s when it was above 10% for a few of those years – still mild by global standards. You may shake your head as you remember the price of a…
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Rising Oil Prices vs. S&P 500 (March Newsletter Excerpt)

The sketch comedy show Monty Python famously said, “Nobody expects the Spanish Inquisition.” People sometimes use the phrase to mock the notion that life can be predicted. At times, the world is chaotic, and things happen that nobody expected. One month ago, nearly no one thought 75 years of European peace would be broken. Even…
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