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.

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...

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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...

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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,...

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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...

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July 2021

Dear Clients and Friends of Insight, In our April letter we expressed concern that accelerating economic growth due to pent up demand, supported by massive government spending and stimulative monetary policy, yet constrained by supply disruptions, would likely lead to higher inflation.  We began discussing the implications for investors if these expected situational price increases become persistent in the years ahead.  We have discussed the implication for bond investors, which is...

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April 2021

Dear Clients and Friends of Insight, Our letters usually address what is most important within the macro environment – how it will likely impact investors generally, what our overall investment strategy is in response, and how client portfolios will likely perform. We put most of our emphasis on our stock investments (owned for growth in both capital and income) rather than our bond holdings (owned for stable capital and fixed income). However, in today’s unprecedented conditions, the bond...

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January 2021

Dear Clients and Friends of Insight, The year 2020 has now come to an end, but the impact from the days of 2020 will likely remain with us well into the future. For most of us, the pandemic inconveniently put our lives on hold. Many people, though, were far less fortunate. Their lives were upended or worse. Yet some people prospered from the opportunities that arose from the dislocations caused by this “virus crisis”. The same can be said for businesses. Here at Insight, we were fortunate. Our...

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October 2020

Dear Clients and Friends of Insight, The year 2020 has been like no other and there is certain to be another chapter or two written before it is in the books. A common theme for the year has been the economy which started out as the longest expansion on record, followed abruptly by the shortest recession ever, and then burst into the strongest recovery in history. Allow us to revisit how we have arrived at our current state, our counsel to you along the way, and where we think we are headed....

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July 2020

Dear Clients and Friends of Insight, It has been said that good decisions come from keeping it simple. We agree. This skill helps provide a clear vision of the landscape ahead and is crucial to long-term investment success. To simplify what is complex, we focus on the most essential factors. Then, we distill potential outcomes and form conclusions that support our purposeful decisions. This ability is especially important in today’s complicated and foggy world. Let us get started. What about...

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