Category: Articles

Acknowledging the role of luck is essential, especially when reflecting on our own paths. It’s a reminder that circumstances beyond our control play a significant role in shaping our lives.

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.

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.

The Harvard Varsity Club inducts Neil Rose into the Harvard Athletics Hall of Fame.

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.

Are TIPS the best value in fixed income right now? Neil Rose explains why he recently added to holdings of inflation protected Treasurys.

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.

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.

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?

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.

Growth and quality are good things but risky when they become gateways to complacent and manic behavior.

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.