“This is the longest period of practically uninterrupted rise in security prices in our history. The rise was more rapid than has ever been seen, and its speculative attraction influenced a larger part of the public than ever before. The psychological illusion upon which it was based, though not essentially new, has been stronger and...Read More

“Most institutional portfolios are badly out of balance. The returns of most institutional portfolios are 90+% driven by the return of equities, exposing them to a single adverse event which could last for decades, a poor performing equity market….not balancing the portfolio is so risky as to be imprudent.” – Bob Prince, Co-Chief Investment Officer,...Read More

“The nutshell is this: the old line economy stocks just don’t work because they have earnings and eventually rising interest rates impact earnings. New economy stocks have no earnings, so investors don’t see a need to exit.” – Wall Street analyst on CNBC, early March 2000 (said without irony)  | The start of 2021 for...Read More

“The biggest mistake of investors is to think that those markets that went up recently…are better markets, rather than more expensive markets.” – Ray Dalio, Founder, Bridgewater Associates  | We have been in the “Golden Age” of Passive Investing.  But nothing lasts forever. Just like all golden ages of times past (like Hollywood, or Detroit’s...Read More

You’ve heard it before: Defense wins championships. Think about the nicknames that great defenses have gotten in the past: the Steelers’ “Steel Curtain”, the Cowboys’ “Doomsday Defense”. A large part of why the Broncos won Super Bowl 50 was the play of their defense, led by MVP Von Miller. It’s true that everybody loves to watch great...Read More