As we close the books on the first half of 2025, we can marvel at the wild ride the markets have given investors so far this year. First came the inauguration of a new presidential administration, and markets rallied to new highs. Then “Liberation Day” and the imposition of sweeping…
The first quarter was packed with an unusually large number of natural disasters and notable events. We witnessed fires, floods, hailstorms, tornadoes, and the inauguration of a new administration, to name a few. As it turns out, the first quarter was just a prelude to the real fireworks that were…
A lot has happened since our last quarterly letter: voters elected a new administration, the Federal Reserve Board cut the Fed Funds rate (short-term interest rates) to 4½% (down from 5½% as late as early September), inflation declined (if you can believe government figures), GDP grew by an estimated 3%,…
On September 18th, the Federal Reserve Board (the “Fed”) lowered interest rates for the first time in 4½ years. This comes after one of the most dramatic series of rate increases in history, from almost 0% in March of 2022 to 5¼% in August of 2023. That peak rate was…