How the Bear Ends, Study Abroad for Less and Managing your Cash

Dear Clients and Friends, As I write this letter, the stock market has risen 9% off its October 12th low, in an attempt to loosen the bear’s grip. Will it succeed? I do not know. It could be what is called a “bull trap.” This happens when bullish investors get head faked into thinking the […]

Bear Markets, Escaping Inflation in Europe and a Clean Energy Deal

When someone tells you “I have good news and bad news,” which one do you want to hear first? I usually go with the bad news; get that out of the way so I can focus on positive things. Also, the question sort of implies that the bad news isn’t all that bad. So here […]

A tech wreck, bond rout and a sanguine housing market

History has a way of repeating itself. A study of the past is therefore foundational to the art and science of investing. It is also foundational to understanding the world as it is today; the forces that unite people and countries and the forces that wish to divide & conquer, reclaim lost glory and cling […]

This Time is Different

My first letter of the year and I am feeling a sense of optimism that 2022 will truly be better than last year. In January of last year, I expressed the same sentiment and boy was that a case of wishful thinking. The pandemic doubled down, in terms of death toll and hospitalizations, surpassing the […]

Inflation, Retiring Abroad and a Changed Climate

Dear Clients and Friends, Stock indices grinded higher in the 2nd quarter, although the most speculative corners of the market have come under pressure since early June. In the crypto world, Ethereum was flat during the quarter, bitcoin was off 40% and the basket of 37 meme stocks tracked by Goldman Sachs has recently entered […]

Are ESG Funds All That Different?

In a recent article published on, Jan looks at one the current hottest investment themes – ESG. ESG investing is all the rage these days. That is, investing that includes the non-traditional  environmental, social, and governance factors in the investment process.  Its appeal to the broader investment industry is twofold: 1) The writing is on […]

More Economic Growth, More Speculation

April 20, 2021 Dear Clients and Friends, When we started the year, I was optimistic about the post-pandemic world that was, and is, still some ways off; a sentiment I shared with many. That optimism does not seem to have been misplaced thus far. Vaccination rates have far exceeded early predictions and herd immunity in […]