Resources

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...

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...

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...

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...

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...

Dear Clients and Friends of Insight, There has been much dramatic news around the globe since we last wrote to you in April, but contrary to the reaction in foreign bond and stock markets, the U.S. markets have only been marginally bothered by it. The rise in interest rates slowed considerably in the second quarter and was less than many had feared. Rates increased just slightly. As a result, most government and corporate bond indexes were flat, while municipals edged up a bit. Turning to...

Dear Clients and Friends of Insight, Our meetings with clients last year were very well received due in part to the stock market’s persistent positive performance. Portfolio values climbed steadily, even for many clients who withdrew substantial funds. Though we believe the backdrop for stocks should continue to be supportive, we must always be vigilant regarding potential risks, and be prepared for a market downdraft. Our counsel to you in our October 2017 letter warrants repeating: “Though...

Dear Clients and Friends of Insight, We began 2017 with our positive outlook for the performance of client portfolios. We felt that stock prices would continue advancing, despite their high valuations at the start of the year, due to the improving global economy and the likelihood of double-digit earnings growth. Further, we believed that our high-quality intermediate-term bond strategy would contribute positive results, even though the Federal Reserve was poised to raise short-term interest...

Dear Clients and Friends of Insight, October 2017 marks the ten-year anniversary of the end of the prior bull market, which foreshadowed numerous company failures, the Great Recession, and the pricing collapse of nearly every asset around the world. Major stock markets declined for well over a year, bottoming in early 2009 after losing more than 50% of their value. Since then, the market has retraced its lost ground to finally surpass its previous high in March 2013, and it has proceeded to...