The Elements of Value

The Elements of Value
It was a great year at Regency Capital. For me personally, I am learning, we are growing, and we continue to look for ways to improve. Part of this growth is to continually evaluate (kaizen) how we do things, our processes, and make sure we provide the value that clients deserve, value that also distinguishes us from competitors.
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Investment Commentary Q4 2023

Investment Commentary Q4 2023
Capital markets in 2023 showed investors’ resilience—or was it complacency? Clearer was yet another lesson on the dangers in following forecasts, especially those of policymakers, PhDs, and Wall Street strategists. The Fed’s interest rate hikes and tough inflation talk didn’t cause an “inevitable” 2023 recession after all.
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30-Second Note: Mortgage Mystery

30-Second Note: Mortgage Mystery
Historically, mortgages have cost around 1.75% more than the benchmark 10-year Treasury note. Today, that spread is around 3.00%. That’s huge and likely not going to last. Something’s going to give—or break.
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TIPS: The Best Value in Fixed Income?

TIPS: The Best Value in Fixed Income?
Are TIPS the best value in fixed income right now? Neil Rose explains why he recently added to holdings of inflation protected Treasurys.
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Anyone Can Manage Cash Like Warren Buffett

Anyone Can Manage Cash Like Warren Buffett
Neil Rose explains why anyone can manage cash like Warren Buffett. He explains how Treasury bills work and why they are a no-brainer for one’s cash reserves.
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Skin in the Game

Skin in the Game
Kawika Shoji discusses the importance of Nassim Nicholas Taleb’s concept of Skin in the Game and the power of identifying incentives and (often hidden) asymmetries.
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Hawaiian Electric and Bankruptcy

Hawaiian Electric and Bankruptcy
Today’s inquiries are about Hawaiian Electric’s future as HECO makes national news for its possible culpability in the Lahaina fires and its deteriorating stock and bond prices. Will Hawaiian Electric declare bankruptcy?
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Time to get back in the Game?

Time to get back in the Game?
As humans, we are not emotionally equipped to handle short term pain for long term gain. We are a fight-or-flight species, after all, seeking immediate gratification and immediate relief. Successful investing, like a lot of things in life, requires us to disobey our biology and animal brains.
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Investment Commentary Q2 2023

Investment Commentary Q2 2023
It can’t be overstated how powerful ultra-low interest rates have been for asset prices and wealth accumulation over the past four decades—and the bubbles. But perhaps it is now time to think how unsustainable constant intervention and stimulus are, despite government’s good intentions.
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