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 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...

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July 2018

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...

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April 2018

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...

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January 2018

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...

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October 2017

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...

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July 2017

Dear Clients and Friends of Insight, In our April letter, we discussed implications of the Federal Reserve’s appetite to continue raising the Federal Funds rate throughout the year, which they increased again a few weeks ago. There have now been four rate increases since December 2015. We proposed that just because short- term rates were headed higher, not all bonds would see the same impact on their interest rates, and in some cases, their interest rates could even decline. Additionally, we...

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April 2017

Dear Clients and Friends of Insight, The Federal Reserve recently raised the Federal Funds rate, and indicated they will raise it several more times this year, potentially setting the stage for rising interest rates for many years to come. Perhaps this widely anticipated event is finally going to happen after years of expectation. There has been continual discussion among market participants about the implications of rising rates on financial markets, and many fear they will act as a...

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January 2017

Dear Clients and Friends of Insight, This time of year leads most of us to reflect on the accomplishments from the year we are leaving behind and to establish expectations for the year ahead. With this letter, I would like to share my thoughts on Insight’s 2016 successes, and some brief thoughts for 2017. Ultimately, the measure of our success is determined by how well we serve our clients as their trusted advisor. In The Insight Client Experience (enclosed) we have thoughtfully articulated...

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October 2016

Dear Clients and Friends of Insight, Summer has come and gone and we begin the final season of the year. Stock markets throughout the last several months have been pretty tame, especially compared to earlier in the year. Recall that stock prices declined considerably in January and February, stoking investor fear and uneasiness. What followed, of course, was a surprisingly strong rally through the spring which erased the year’s early losses. This reinforced for investors the supposed wisdom of...

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