JPS Articles

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.

10/21/2016

JPS Global Investments — Fall 2016 Newsletter

Dear Clients and Friends,

The third quarter of 2016 was pleasantly uneventful in financial markets. Oftentimes, summer can be a season that sees more market volatility, but not this year. The US stock market was only briefly in the red in the beginning of July and then stayed in positive territory without moving around very much. Did investors finally embrace the wisdom of taking a long-term view and ignoring the short-term noise?

7/13/2016

JPS Global Investments — Summer 2016 Newsletter

Dear Clients and Friends,

On the eve of the British referendum on EU membership — The Brexit — I penned a client letter laying out the what-if scenarios of the pending vote. The less likely outcome happened: the UK voted to leave the EU. Whereas the outcome was unpredictable, the reaction was predictable: markets sold off 5-6% in the US and 10-13% outside the US within 2 days and the British pound dropped more than 10%.