JPS Global Investments Logo

10/12/2018

Financial Crisis 10th Anniversary, Fossil Fuel Divestment, Retirement Stereotypes - JPS Global Investments Newsletter

Dear Clients and Friends,

It has been 10 years, since Lehman Brothers filed for bankruptcy and the Great Financial Crisis, already an ominous bushfire at that time, exploded into a raging wildfire. This past week the official unemployment rate hit 3.7%, its lowest point since 1969, almost 50 years ago. Real estate in several coastal markets is back at all-time highs...

7/15/2018

Summer 2018 - JPS Global Investments Newsletter

Dear Clients and Friends,

Happy Summer! Though I enjoy writing my newsletter — and the occasional acknowledgement from someone who has read it — I do hope that you’re not reading this on the beach, or some other place nice. I try to set a good example by adding some non-finance (and non-fiction) reading to my summer list, but habits die hard. In any event, I will keep it light and suitable for the season.

4/26/2018

Unfriending Facebook, the Beatles and Valeo - JPS Global Investments Newsletter

Dear Clients and Friends,

“Yesterday, all my troubles seemed so far away. Now it looks as though they're here to stay.” My nonmillennial readers will recognize the lyrics to a Beatles song. It is with longing that I look back to 2017, a year in which asset prices of all sorts moved upward without any volatility to speak of. But that wasn’t normal and honestly, the troubles never seemed that far away. In contrast to last year, the first quarter of 2018 felt very turbulent, but really it is the “old normal.”

1/20/2018

JPS Global Investments — Winter 2018 Newsletter

Dear Clients and Friends,

The first newsletter of the year is probably my favorite one, as I give in to the temptation to make some predictions about the future, ignoring for a moment that the future is unknown and unknowable. I got a few things right last year, but what I certainly didn’t predict is that investors would ignore all geopolitical risks and charge ahead full-steam, pushing up prices of already expensive stocks, real estate, cryptocurrencies, and other collectibles.

7/18/2017

JPS Global Investments — Summer 2017 Newsletter

The coldest winter I ever spent was a summer in San Francisco — not Mark Twain

Dear Clients and Friends,

As I am writing this letter, I am heading into the city on Caltrain, wondering whether this time is different and the weather in San Francisco will be as nice as it is just 20 miles south in San Carlos. It’s unlikely. But I am hopeful that a little overcast will help my mind focus on the dangers that lurk in financial markets. While I can’t predict the future, I can work on reducing the blind spots, so that when asset prices and the economy hit a rough patch, we can avoid being reactive.

4/15/2017

JPS Global Investments — Spring 2017 Newsletter

Dear Clients and Friends,

As I have written from time to time in my newsletters, I believe that being a student of history is a prerequisite for being a good investor. It doesn’t mean that the world doesn’t change. In fact, it is changing rapidly. But human nature is fairly constant. When investors are making buy, hold, or sell decisions regarding their financial assets, it behooves us to remember that investors are humans. Despite all the algorithms, big data, and quantitative models employed in the quest for profit, human emotion rules supreme in the pricing of assets.

1/20/2017

JPS Global Investments — Winter 2017 Newsletter

Dear Clients and Friends,

What will 2017 hold? The future is unknown. Yet, the worst possible outcome is not the most likely one. It is something I often remind myself of, as I am in the business of assessing risk when investing my clients’ money. Risk — or the possibility of adverse outcomes — should not be ignored, obviously, but it is the flipside of reward. You can’t have one without the other. So, with eyes wide open but glass half full, let us look at what may lie ahead.