Client Letters

Below is an archive of our quarterly released client letters. These letters are sent to clients on a quarterly basis, posted here the quarter following their release.

October 2023

Dear Clients and Friends of Insight, The tug-of-war between Wall Street “bears” and “bulls” continues as investors react to a wide range of economic results. If the day’s reports suggest a slowing in the economy, somewhat surprisingly, stocks have tended to rise. The thinking is that if the economy is slowing then the Federal Reserve will ease their restrictive monetary stance. This would allow interest rates to move down and help the economy and corporate earnings to continue growing...

read more

July 2023

Dear Clients and Friends of Insight,Here we are mid-way through the year and our economy has so far avoided falling into the MUCH-ANTICIPATED recession, which has generally been expected now for over a year. Furthermore, much of the recent news flow indicates economic trends are now stronger than previously expected (i.e., labor, housing, and consumer markets); and, corporate profits have remained quite resilient, despite many global challenges. These trends are convincing more and more market...

read more

April 2023

Dear Clients and Friends of Insight, We began the new year with the consensus view from market participants and strategists that our economy would slow down from 2.6% growth in the fourth quarter. It would eventually turn negative in 2023, leaving the economy in a “hard landing” recession. Forecasts for Gross Domestic Product for the year were clustered between 0% and 1%. Inflation was to continue moderating, averaging around 3% for the entire year. Though with much less agreement, stock...

read more

January 2023

Dear Clients and Friends of Insight,It seems almost everyone is pleased to see 2022 come to a close. The year brought many challenges and disappointments to the world. Investors of all stripes suffered losses from global bear markets. Our 2022 letters chronicled the breadth and magnitude of these losses, ranging from popular growth stocks which fell over 30%, to esoteric investments such as crypto-currencies and non-fungible tokens which saw their values collapse. Even the bond market...

read more

October 2022

Dear Clients and Friends of Insight, The Federal Reserve a few weeks ago affirmed their commitment to continue their restrictive policies aimed toward taming inflation, and Chairman Powell warned that the economy may suffer as a result. This alert, after they have already aggressively raised their target interest rate four times for a total of 3.00% this year, took many investors by surprise. Somewhat complacent during the summer, these investors took the Fed’s preemptive warning seriously and...

read more

July 2022

Dear Clients and Friends of Insight, The news turned continually more negative for the economy as the second quarter unfolded. Whether it was more persistent inflation, higher interest rates, rising inventories, or falling consumer and business confidence, market participants viewed the data points as valid indicators that our economy might soon slip into recession. Furthermore, the economy could ultimately endure an extended period of stagflation, which denotes elevated inflation, higher...

read more

April 2022

Dear Clients and Friends of Insight,Considering the numerous challenges investors faced in the first quarter, we are pleased to report that Insight’s client portfolio values held up quite well, which we’ll share below. First, here is a quick recap of the key challenges from the first quarter. Economic growth around the globe has slowed from the post-Covid rebound. The Federal Reserve, along with other major central banks, finally began raising interest rates. Inflationary pressures continue as...

read more

January 2022

Dear Clients and Friends of Insight, Welcome to the new year!  Before we review 2021, I have a prediction for 2022 – it will be remembered as the year of moderation.  In contrast, 2020 and 2021 will surely be remembered for their extremes.  I hope I am correct. The list of last year’s extremes is long but here are a few:  continuing expansionary fiscal and monetary policies, escalating inflation with home and energy prices exploding, frenetic trading in cryptocurrencies and MEME stocks,...

read more

October 2021

Dear Clients and Friends of Insight, Those of you who have been long-time readers of Insight’s letters know that we have held steadfast with our positive view toward the U.S. stock market and the rewards of stock ownership, generally.  This view has been based on our strong belief in the underlying strength and resiliency of the U.S. economic system and its powerful influence on the global economy.  Over these years, investors have endured a string of serious challenges which have...

read more