Market Commentary

Q2-26 - Markets Live to Surprise Investors: How the 2nd Quarter Reminded Us of the Old Market Adage

As I often do before writing quarterly commentaries, I find a quiet place in my office, look at the chart…

Q1-26 - Headline Volatility > Portfolio Volatility: A Commentary Inspired By Charlie Munger

The first quarter of 2026 was a lot like riding a big roller coaster at Cedar Point; while the middle…

Q4-25 - Brevity Is the Soul of Wit

“A picture is worth a thousand words,” a phrase that almost everyone has heard and experienced trying to absorb an…

Q3-25 - What Once Was Hip... Is Now Again

During one of our weekly meetings with the SDWMA team, I made a casual reference to the hit 1980’s show…

Q2-25 - Anxiety and Exhilarating

The second quarter of 2025 will go down as one of the all-time great surprises, both in terms of the…

Q1-25 - Everyone Has a Plan Until They Get Punched in the Face

When investors are dealing with an “in the middle” situation, it can often feel like the “worst way” to get…

Q4-24 – Don’t Forget to Acknowledge and Enjoy the Good: 2024 Returns Put the Scars from 2022 in the Rearview

“My father used to always preach to my twin brother Brandon and me that it wasn’t how you started the…

Q3-24 – Global Central Banks Rally the Under-Loved and Under-Owned: Will the 4th Quarter Confirm a Regime Change in Markets?

The theme of our second quarter letter was “talk to me after the all-star game”; an ode to fans of…

Q2-24 - Talk to Me After the All-Star Game: First Half of 2024 Sets Up Q3 as Pivotal Turning Points in Markets

"After a hot start to the year, equity markets had a rather up and down quarter. Mega cap technology stocks…

Q1-24 - Easter Bunny Delivered

"The Easter holiday fell early on the calendar this year, and for investors, that proved to be a fortuitous thing.…

Q4-23 - Patience & Resilience: How We Got Through a Year Driven by AI & Interest Rates

"The two driving forces in capital markets in 2023 were artificial intelligence and interest rates. Through the first three quarters…

Q3-23 - Interest Rates and Artificial Intelligence: Two Competing Themes Driving Capital Markets

“Capital markets continued to grapple with what has become the dominant two-part question of the past 18 to 24 months:…

Q2-23 - Just Like the 4th of July Stocks Closed Out the 1st Half of the Year with Fireworks

“America loves an underdog" is a phrase that has been in our country’s lexicon, and embedded into our collective conscious, since…

Q1-23 - No Peaks, No Valleys: Sage Advice From My Father

Over the past 14 months, as the U.S. Federal Reserve has rapidly raised interest rates, yields on short-term U.S. Treasury…

Q4-22 – The New Normal Came in a Year Where There Was Nowhere to Hide

"The good news is that the year 2022 is over. What felt like a 365-day roller coaster ride for investors…

Q3-22 – This Time Wasn't Different: Facing the Backlash of a Pandemic

"The most infamous words in finance are: this time is different. These four simple words are uttered in almost every…

Q2-22 – Bad Markets Don’t Last Forever: Keeping Perspective Amid Market Volatility

"As I sit down to write this quarterly letter over the 4th of July holiday weekend, it struck me that…

Q1-22 – Revenge of the Volatility

"The first quarter of 2022 reminded investors, market participants, and commentators that volatility in capital markets is still a very…

Q4-21 – Over in an Instant: 2021 A Year Well Spent Living in the Moment

"For as long as the year 2020 seemed to last with a toxic cocktail of worsening news about the Coronavirus,…

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Market Commentary

Q2-26 - Markets Live to Surprise Investors: How the 2nd Quarter Reminded Us of the Old Market Adage

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Q2-26 - Markets Live to Surprise Investors: How the 2nd Quarter Reminded Us of the Old Market Adage

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