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 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....

read more

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...

read more

April 2020

Dear Clients and Friends of Insight, All of us, now, have been meaningfully impacted by the novel coronavirus and the world’s abrupt response to this pandemic. We hope you are all healthy and staying well. Our team is healthy and well, and we are staying sane. Our operation is functioning quite smoothly and normally, considering all that is happening. We all have a home office and conduct our activities remotely, in the cloud with secure firewalls. This crisis is upon us. Its seriousness and...

read more

January 2020

Dear Clients and Friends of Insight, What a fantastic year it was for stock investors! Globally, nearly all stock markets rose 20% or more. In the U.S., the major market indices advanced some 30%, setting records throughout the year. Plus, our market seems poised to continue advancing into 2020. Perhaps this was the market’s way of saying “welcome to the Twenties!”. Could the market be foretelling a roaring future? Though the U.S. just recorded its first ever decade without a recession, it is...

read more

October 2019

Dear Clients and Friends of Insight, The goal with our letters is to provide concise commentary on current events, how they may be affecting portfolio returns, and what investment implications there are for both the shorter- and longer-term horizon. We regularly include important information to remind us all of key investment principles that have been tested through both good and bad times. These are principles upon which we rely to manage our clients’ assets prudently and in line with their...

read more

July 2019

Dear Clients and Friends of Insight, The investment era following the financial crisis has been overwhelmingly driven by the pronouncements and policies of the Federal Reserve Board and other central banks around the globe. “Don’t fight the Fed” is a bell-weather investment tenet which states that stocks perform well when Fed policy is accommodating to economic growth, and they struggle when Fed policy is restrictive toward economic growth. If investors followed this advice during this...

read more

April 2019

Dear Clients and Friends of Insight, The U.S. economy continues to grow and the current bull market, having just celebrated its 10th anniversary, remains intact. This is a bold statement, but one which we believe will prove out. Many market participants do not agree. As the first quarter closed, again serious doubts emerged as to whether our resilient economy’s long expansion had finally run its course, as it must be inescapably dragged down by slowing overseas economies. Hence, stock prices...

read more

January 2019

Dear Clients and Friends of Insight, That was quite a good year... for our economy. Economic growth easily and consistently exceeded 3%, after trending nearer to 2% for most of this long expansion. Corporations were extremely profitable and delivered on robust growth expectations. Employment continued to grow nicely. Incomes rose while inflation remained low. Consumers spent freely, especially this holiday season, without adding to household debt. This sounds like a winning script for strong...

read more

October 2018

Dear Clients and Friends of Insight, We are very pleased to see the recent price moves of many of our current portfolio holdings. Other investors have recognized the quality, value and growth potential of these businesses and as a result, our clients’ portfolios are performing very nicely this year, both in absolute terms and relative to appropriate benchmarks. Of course, it also helps that the U.S. stock market is trading at all-time highs. This year’s market advance has been in response to...

read more