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Estate Planning For Life!
Estate planning is really “transfer planning.” It is an ongoing exercise of planning how you accumulate, conserve, and distribute your assets during life, at death, and beyond. There are both financial and non-financial reasons to plan. These range from minimizing income and estate taxes,...
Investment Approach Revisited
The S&P 500 continued its march higher in the third quarter and has now increased by 14% (including dividends) in 2017. International markets have reported even better results, with the MSCI World index (ex-U.S.) climbing 21% over the same period.
All-Weather Portfolio Construction
It seems that there has been an increase in severe weather these days including floods, fire, and wind. In Savannah, we suffered a direct hit from Hurricane Matthew last year and endured a mandatory evacuation this year due to Hurricane Irma. Hurricanes are a constant threat during the summer and...
Investment Maxims
I attended an investment conference recently and one of the speakers was Stephen Friedman, former Chairman of Goldman Sachs. During his fireside chat, he mentioned that when it comes to investing, he follows some basic rules of risk management. He said that these rules were universal truths that...
Summer Reading
As part of our job as investment managers, we read numerous shareholder letters every year. Occasionally, these letters offer a unique perspective or insight that renews our enthusiasm for how we think about businesses and the art of long-term investing. The most recent letter from Amazon CEO Jeff...
The Graduates’ Trillion Dollar Problem
Over the past few decades, student debt has transformed from a tool for accessing higher education to a significant obstacle preventing young people from accumulating wealth and saving towards retirement. According to a February 2017 report published by the Federal Reserve Bank of New York,...
How Investing Transformed Over the Century
I recently read a book on the sinking of the Lusitania in 1915. The author thoroughly details the lives of some of the affluent passengers who were aboard the luxury liner’s final voyage. As I was learning about these “high net worth” people who lived one hundred years ago, I kept wondering about...
Where We Are in the Cycle
In the fourth-quarter newsletter, we discussed how we think about long-term equity return expectations. The purpose of the article was to explain how fundamental returns (driven by earnings growth) and speculative returns (driven by changes in valuation) collectively impact market prices. While...
Countering Volatility with Counterintuitive Action
My mom asked me once how I swallowed pills. “Show me,” she said. I went through the motions of pretending to put a pill in my mouth, mimed the act of taking a sip of water, then leaned my head back and swallowed. “That’s exactly the opposite of what you should do,” she said. “Instead of leaning...
Have we seen the beginning of the Great Rotation?
Over the past 35 years, interest rates on bonds have been in a gradual decline. The decline in interest rates has gone hand-in-hand with rising bond valuations since bond values move inversely to interest rates. Bond investors have thus enjoyed a long period of rising returns due to market...