2024 Annual Client Letter
Just twelve months ago, our annual client letter began with a look back at global markets in 2022. The Dow, the S&P500, and […]
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Client Letters
2023 Midyear Client Letter
We are even more delighted than usual to report to you at midyear on the events of the last six months. Tom, Frank,
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Changing Lanes: “Balanced” Portfolios
Picture that you are driving on the highway but stuck in bumper-to-bumper traffic. As you crawl along, you notice that the adjacent lane
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2023 Annual Client Letter
Just when it started to feel like the crises of 2020 and 2021 were starting to fade, 2022 had other plans for us.
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2022 Midyear Client Letter
As our readers are aware, this letter arrives during a bear market and likely an economic recession. This follows an extraordinarily strong and
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Either/Or
2022 so far has welcomed us with a two-headed threat of the geopolitical crisis in Ukraine and the highest domestic inflation we have
2022 Annual Client Letter
It seems like only a moment ago that we first heard the word COVID-19. While we were struggling to adjust to all of
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2021 Midyear Client Letter
As America continued to recover from the COVID-19 pandemic in the first half of 2021, the economy and the equity markets made significant
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A Personal Letter to My Clients, Looking Back at an Unusual Time
Exactly one year ago, the March brokerage account statements from Acadium had just been published online and were just beginning to arrive in
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2021 Annual Client Letter
We have been looking forward to writing this letter for the new year for eight months. This year, we became experts at ordering
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