by Ross Bowler | May 22, 2023 | Market Commentary
Old Currency is New Again History has a tendency to repeat itself and, at times, it can be a long, frustrating process. On May 3rd, the Federal Reserve raised rates for a 10th time bringing the target rate back to the highest level it has been since the Great...
by Ross Bowler | Apr 18, 2023 | Market Commentary
Purgatory at the Point of Inflection About a year ago, in our search for yield that was safe in a rising rate, inflationary environment, we identified a multi-billion-dollar pool of fixed-to-floating rate preferreds we could buy at meaningful discounts to par that...
by Ross Bowler | Feb 22, 2023 | Market Commentary
Time Rewards Selectivity Before we started our seemingly endless commentary on runaway inflation, we talked a lot about our search for growth. We wanted to find growth within the pandemic. We wanted growth above inflation. We wanted to identify which companies can...
by Ross Bowler | Jan 13, 2023 | Market Commentary
The World Repriced Investors have removed their rose-colored glasses and now perceive the world through a glass, darkly. The overarching optimism that opened 2022 is all but gone. In 2022, the S&P 500 delivered a negative 18.1% total return, its worst annual...
by Ross Bowler | Dec 15, 2022 | Market Commentary
Is inflation dead? This morning the Labor Department reported November’s month-over-month core inflation of just 0.1%, far below the forecast rate of 0.4% and, annualized, below the Fed’s 2.0% target rate. The Fed is expected to hike rates by an additional 50 basis...
