Category: Letters

2024 was another good year for stocks overall thanks to continued strength in just a handful of the largest technology and internet companies. The famed “Magnificent Seven” once again comprised the bulk of stocks’ overall returns.

Returns this year have been kinder than I would have expected given our rather conservative positioning. Stock allocations have been lower than usual, with little in information technology and internet-related stocks, two areas that have accounted for the lion’s share of the stock market’s returns in recent years.

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.

Despite several requests, I have been remiss in posting the note I had to submit with my induction into Harvard’s Varsity Club Hall of Fame back in November. They ask awardees to write some reflections on their college experience.

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.

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.

Neil Rose discusses the state of markets amid investors' expectations of an imminent recession.

An update on the current banking crisis and a list of frequently asked questions.

Kawika Shoji shares his personal journey from professional volleyball to the financial world in hopes that it will inspire and help readers understand more about the team and the transition.

On Regency Capital's second anniversary, Neil Rose reflects on the firm's progress, performance, and risk. He also offers his "no brainer" solution for managing cash.

Why higher interest rates and the worst year ever for bond and 60/40-type investors are cause for optimism at Regency Capital.

On behalf of Regency Capital, I am proud to announce Kawika Shoji has joined the firm as a financial advisor and portfolio manager.