Why Fixed Income Needs a Steady Hand Right Now

Why Fixed Income Needs a Steady Hand Right Now
For much of the past decade, fixed income felt like an afterthought. Ultra-low interest rates meant bonds offered little income and even less value. Then came 2022—when bond prices finally cracked under the weight of distorted valuations. Even now, many investors in broad bond indexes are still waiting to break even.
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Bonds Have a Place Again, Part II

Bonds Have a Place Again, Part II
In my February 7, 2025 post, Bonds Have a Place Again, I reflected on interest rates some five years after the peak of the Bond Bubble—when interest rates reached a low never seen in human history—and two years after bond prices finally crashed in 2022. I had summarized our approach to fixed income going forward: […]
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Investment Letter | April 2025

Investment Letter | April 2025
We have experienced a benign 2025 so far despite a correction in the stock market and higher volatility. Modest stock allocations and gains in insurance stocks (our single largest industry exposure), gold, and newer fixed income buys have buoyed account values.
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Bonds Have a Place Again

Bonds Have a Place Again
In his 2011 book Debt: The First 500 Years, anthropologist David Graeber lays out the historical concept of debt, starting with the Sumer, the earliest known civilization, located in historical Mesopotamia around 3500 BCE.
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Five Years After the Bond Bubble

Five Years After the Bond Bubble
Nearly five years ago, bond yields dropped to levels never seen in the thousands of years humans have been lending to one another. The shortest maturity fixed-income securities yielded virtually zero in the U.S. and less than zero in Europe and Japan.
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Investment Letter | January 2025

Investment Letter | January 2025
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.
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Investment Letter

Investment Letter
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.
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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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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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