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Second Quarter 2021
Key points for the quarter include: Stocks advanced nicely, logging another strong quarter; non-investment grade bond yields plumbed new lows; moats come in various forms, and switching costs are discussed in this report; and we plan to return to the office five days a week starting September 1.
First Quarter 2021
Key points for the quarter include: A lot has changed since 1Q 2020; nutty behavior by some market participants is increasing; SPACs are all the rage and a fair warning seems in order; intangible assets can be an economic moat; and advantages are important.
Fourth Quarter 2020
Key points for the quarter include: Value stocks finished strong, as the underlying tone of equity markets seemingly changed in the final two months of the year; generally expensive technology related issues have an outsized weighting in the S&P 500 and Russell 3000 Growth; economic moats come in different forms and cost advantages are discussed in this report; and mortgage rates are hovering around all-time lows, which may change estate planning criteria.
Third Quarter 2020
Key points for the quarter include: The U.S. faced numerous challenges during the quarter; the Federal Reserve updated its policy on inflation and employment; ultra-low interest rates are promoting a misallocation of capital, in our view; valuations impact future returns; and focusing on controllable elements, we believe, is key to navigating the current investment landscape.