As We See It

Quarterly Portfolio Manager Perspectives

Lawson Kroeker produces a quarterly reflection piece titled As We See It. View historical issues below.
June 2022

“Are We There Yet?”

– Every little kid on every road trip ever…

Investors are focused on when the current market decline will end. Unfortunately, unlike the parent driving the car to a destination, the markets do not have a defined destination.

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February 2022

Valuation

Whenever the markets become volatile, suspicions grow that the end of a bull market may be near. History may provide a good example of what might happen when speculation runs rampant in the market – as it has been recently.

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Historical Perspectives

2021 – 2020

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Interest Rate EnvironmentNovember, 2021
ChangeAugust, 2021
Inflation?May, 2021
It’s Like Déjà vu All Over AgainMarch, 2021
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Politics in the Stock MarketNovember, 2020
Normal Is An IllusionAugust, 2020
Market AveragesMay, 2020

2019 – 2010

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Patience is a Form of ActionDecember, 2019
How Bond Investing Has ChangedAugust, 2019
U.S. and China: The Benefits of TradeAugust, 2019
How Demographics Influence Economic GrowthMay, 2019
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Bear MarketsDecember, 2018
110 Months of Economic ExpansionOctober, 2018
Trade War PrimerJuly, 2018
What’s Different About this Market Upswing?April, 2018
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Tax Law ChangeDecember, 2017
Greenhouse EffectOctober, 2017
Investor Specific BenchmarksJuly, 2017
Information InsightApril, 2017
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AutomationDecember, 2016
Risk ManagementOctober, 2016
Fiduciary RuleJuly, 2016
Don’t Predict. Prepare.April, 2016
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Passive Index FundsDecember, 2015
Holding the CourseOctober, 2015
Interest Rate ExpectationsJuly, 2015
Ignoring the Headlines2013April, 2015
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Impact of a Strong DollarDecember, 2014
Not the Time to PanicOctober, 2014
Is Wall Street Rigged?July, 2014
Fast News vs. Slow NewsApril, 2014
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Coffee Can PortfolioDecember, 2013
Assessing RiskOctober, 2013
Stock Market CorrectionsJuly, 2013
The Great RotationApril, 2013
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History of Income TaxDecember, 2012
Contrary OpinionOctober, 2012
Stock Market IndicatorsJuly, 2012
Expect the UnexpectedApril, 2012
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Catalysts to a Bull MarketDecember, 2011
Our Basic PrinciplesOctober, 2011
Client Asset GrowthJuly, 2011
Investment PhilosophyApril, 2011
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Stock Earnings Yields vs. Bond YieldsDecember, 2010
DeflationOctober, 2010
Wealth Differences: U.S. vs. ArgentinaJuly, 2010
China’s Economic ImpactApril, 2010

2009 – 2000

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How far we’ve come, how little we’ve changedDecember, 2009
Social SecurityOctober, 2009
Credit Crisis ReactionJuly, 2009
Capitalism Without FailureApril, 2009
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Economic Impact of Government Decision MakersDecember, 2008
Que Sera, SeraOctober, 2008
Oil PricesJuly, 2008
Commodity CyclesApril, 2008
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Avoiding the Mood SwingsDecember, 2007
Contrary OpinionOctober, 2007
Retirement SavingsJuly, 2007
Stagflation RevisitedApril, 2007
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Every Great MistakeDecember, 2006
The Energy StoryOctober, 2006
Time HorizonsJuly, 2006
Investment Goals ObjectivesApril, 2006
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Natural ResourcesDecember, 2005
Investment Life CyclesOctober, 2005
Cash Income MattersJuly, 2005
Avoidance of TaxesApril, 2005
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Improve the Odds of SuccessDecember, 2004
EnergyOctober, 2004
Why You Win or LoseJuly, 2004
Division of LaborApril, 2004
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Commodities CycleDecember, 2003
Contrary OpinionOctober, 2003
Rebalancing RiskJuly, 2003
Fear & GreedMarch, 2003
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Taxing DividendsDecember, 2002
Secular Change – Contrary OpinionSeptember, 2002
In Times Like These …June, 2002
Secular Bull MarketsMarch, 2002
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DiversificationDecember, 2001
Fear & Uncertainty in the MarketOctober, 2001
Railroad Internet Industries ConnectionJuly, 2001
BubblesApril, 2001
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Asset Allocation DiversificationDecember, 2000
Contrary OpinionOctober, 2000
Industrial RevolutionsJuly, 2000
Glimpse back at Electric Utilities IndustryApril, 2000

1999 – 1990

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Expanding World MarketsDecember, 1999
Economic Impact of the InternetOctober, 1999
Long-Wave Economic TheoryJuly, 1999
Influence of a few Large LeadersApril, 1999
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ProductivityDecember, 1998
Contrary OpinionOctober, 1998
DemographicsJune, 1998
Stock Return ExpectationsMarch, 1998
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A Nation’s WealthDecember, 1997
Economic Ideas Move in CirclesOctober, 1997
Market CautionJuly, 1987
Strength of Investor SpeculationJune, 1997
When is Rich Enough?March, 1997
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Income ConsiderationsDecember, 1996
How Could Our Ancestors Have Been So Wrong?October, 1996
Dow Jones Industrial AverageJuly, 1996
Economic Evolvement in Developing CountriesMarch, 1996
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Rate of InflationDecember, 1995
Middle Course is BestOctober, 1995
Long-Wave Economic TheoryJuly, 1995
Growth in Developing CountriesApril, 1995
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Investor PsychologyDecember, 1994
Speculative ManiaOctober, 1994
No Free LunchJune, 1994
Timing the MarketMarch, 1994
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Tax Impact on Returns IIDecember, 1993
Contrary OpinionOctober, 1993
Tax Impact on ReturnsJuly, 1993
Economic Phases related to Political ThinkingApril, 1993
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Long-Wave Economic TheoryDecember, 1992
Every Excess is Self-CorrectingOctober, 1992
International InvestingJuly, 1992
Age of SpeculationApril, 1992
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Crisis Also Presents OpportunityDecember, 1991
Contrary OpinionOctober, 1991
Market TimingJuly, 1991
Round-Trip InvestingApril, 1991
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Effective DiversificationDecember, 1990
Crisis Impact on Stock MarketOctober, 1990
Time HorizonsJuly, 1990
Greenhouse EffectApril, 1990

1989 – 1986

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Not News WorthyDecember, 1989
Investment Goals PlansOctober, 1989
Crowd MentalityJuly, 1989
Generating Investment IdeasApril, 1989
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Current Market EnvironmentDecember, 1988
Contrary OpinionOctober, 1988
Climate of Stocks vs. BondsJuly, 1988
Demographic PatternsApril, 1988
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Market CorrectionDecember, 1987
Valuation of the Stock MarketOctober, 1987
Contrarian Approach DefinedApril, 1987
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Current Market Environment OutlookDecember, 1986
Security ValuationsOctober, 1986
Monthly Market Insights