After the decline in 2022, we wrote that usually one of two things happened in the year following a decline in the S&P 500. Either the...

Fluctuations in population necessitate innovation We continue to think that population dynamics are the most important economic variable...

As bottom-up stock pickers, curiosities often draw us to think about structural intricacies often ignored by top-down macroeconomic...

2024 is a presidential election year, and we expect it will continue to be an interesting year in politics. It is important to remember...

This time last year, we were wondering what might be in store for 2023 after an ugly 2022. We shared a historical perspective of what...

Our preceding quarterly essay (July 2023) was the first in a series on what effects population growth might have on the markets. These...

In a 2015 quarterly essay we did some basic analysis on the potential drivers of economic growth. We found support for the notion that...

The risks that are top of mind these days seem more numerous and heavier than at any point in the last several decades, to us. As we...

Many of you have heard market technicians on CNBC, Bloomberg, Fox Business, or CNN Money say things like, “We think XYZ stock is going...

There has been major turmoil of some description during half of our tenures as investment advisors. And so, here we are again, writing...