Portfolio Managers Greg Wilensky and Jeremiah Buckley offer a framework for interpreting economic news for investment decision making.

Many impossible things are happening in the investment world at the moment; like the bluebottle which sits upside-down on the ceiling, we have to come to realise these things were not so impossible, after all.

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10 Years Ended 31 December 2022

20 Years Ended 31 December 2022

”2022 was one of the worst years for fixed-income investors in history. Bonds lost money. Stocks lost money. Crypto lost money. Inflation rose to levels not seen since the 1980s. The only thing that increased in value were commodities. You have to go back to the Civil War in the United States or the Napoleonic Wars in Britain to find a worse year for bonds”.

1999 - 2022

1999 - 2022

"When inflation appeared, it was deemed transitory. When it persisted, there was a pause of disbelief. Then everyone lost their nerve."

Investment opportunities exist all around the globe, but the randomness of global stock returns makes it exceedingly difficult to figure out which markets are likely to be outperformers. How should investors deal with this kind of uncertainty?

Balanced Composite Index, 2022 (31.12) YTD Returns

2022 YTD Returns (31.12.2022)

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“Don’t Buy In Until There is Clarity That You’re in a Bull Market”,

I stopped in a local antique shop over the weekend. The owner is retiring and trying to clear out as much as she can before they close the doors so I paid a mere $3 for the Life magazine above. I think it might be worth many multiples of that price for investors who think our situation today is somehow uniquely bad. The cover headline could just as easily be describing today as 1970.