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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It’s Bad, and It’s Going to Be All Right

It’s Bad, and It’s Going to Be All Right
As far as investments and what's going on today, I'm still sleeping just fine. I think you should, too. The roadmap laid out in previous letters has been followed. Stock levels are low, and what we have is outperforming overall.
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Don’t Miss the Forest for the Trees

Don’t Miss the Forest for the Trees
I don’t think anyone expected a quiet start to the new year, but I’m not sure anyone could have predicted the flurry of shocking news stories that have flooded our devices and timelines thus far in 2025.
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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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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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Magnificent Earnings

Magnificent Earnings
Major Info Tech earnings announcements this week. Kawika Shoji gets some reactions and thoughts from Neil Rose on the tech sector now and going forward.
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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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Will the Fed Stick the Landing?

Will the Fed Stick the Landing?
This week the Federal Reserve cut its short-term interest rate policy by half a percent to 4.75%-5.00%, marking an end to a two-year effort to recoup some of the excesses in Covid stimulus.
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Mid-Year Update 2024

Mid-Year Update 2024
Neil Rose and Kawika Shoji share some thoughts on the current market environment. They touch on the election, other macro considerations, and extended trends in stock leadership.
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The First Step to Improving Luck is to Acknowledge that it Exists

The First Step to Improving Luck is to Acknowledge that it Exists
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.
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