As We See It

Quarterly Portfolio Manager Perspectives

July 2023

2023 Second Quarter Update

This quarterly shareholder newsletter, created for shareholders, is now available for prospective clients.

The Standard & Poor’s 500 Index grew 16.9% during the first half of 2023. This equity rally, however, was spurred by valuations in a select group of primarily large-cap stocks. Why the divergence?

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.

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.

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 Illusion
Market Averages

2019 – 2010

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Patience is a Form of Action
How Bond Investing Has Changed
U.S. and China: The Benefits of Trade
How Demographics Influence Economic Growth
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Bear MarketsDecember, 2018
110 Months of Economic ExpansionOctober, 2018
Trade War Primer
What’s Different About this Market Upswing?
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Tax Law Change
Greenhouse Effect
Investor Specific Benchmarks
Information Insight
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AutomationDecember, 2016
Risk Management
Fiduciary Rule
Don’t Predict. Prepare.
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Passive Index Funds
Holding the Course
Interest Rate Expectations
Ignoring the Headlines2013
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Impact of a Strong Dollar
Not the Time to Panic
Is Wall Street Rigged?
Fast News vs. Slow News
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Coffee Can PortfolioDecember, 2013
Assessing RiskOctober, 2013
Stock Market Corrections
The Great Rotation
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History of Income Tax
Contrary OpinionOctober, 2012
Stock Market Indicators
Expect the Unexpected
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Catalysts to a Bull MarketDecember, 2011
Our Basic Principles
Client Asset GrowthJuly, 2011
Investment Philosophy
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Stock Earnings Yields vs. Bond Yields
DeflationOctober, 2010
Wealth Differences: U.S. vs. Argentina
China’s Economic ImpactApril, 2010

2009 – 2000

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How far we’ve come, how little we’ve changed
Social Security
Credit Crisis ReactionJuly, 2009
Capitalism Without FailureApril, 2009
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Economic Impact of Government Decision Makers
Que Sera, Sera
Oil Prices
Commodity CyclesApril, 2008
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Avoiding the Mood SwingsDecember, 2007
Contrary OpinionOctober, 2007
Retirement Savings
Stagflation Revisited
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Every Great Mistake
The Energy Story
Time Horizons
Investment Goals Objectives
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Natural Resources
Investment Life Cycles
Cash Income MattersJuly, 2005
Avoidance of TaxesApril, 2005
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Improve the Odds of Success
Energy
Why You Win or Lose
Division of Labor
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Commodities CycleDecember, 2003
Contrary OpinionOctober, 2003
Rebalancing Risk
Fear & Greed
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Taxing Dividends
Secular Change – Contrary Opinion
In Times Like These …
Secular Bull Markets
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Diversification
Fear & Uncertainty in the Market
Railroad Internet Industries Connection
BubblesApril, 2001
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Asset Allocation DiversificationDecember, 2000
Contrary OpinionOctober, 2000
Industrial Revolutions
Glimpse back at Electric Utilities Industry

1999 – 1990

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Expanding World Markets
Economic Impact of the Internet
Long-Wave Economic Theory
Influence of a few Large Leaders
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Productivity
Contrary OpinionOctober, 1998
Demographics
Stock Return Expectations
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A Nation’s WealthDecember, 1997
Economic Ideas Move in Circles
Market Caution
Strength of Investor Speculation
When is Rich Enough?
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Income Considerations
How Could Our Ancestors Have Been So Wrong?
Dow Jones Industrial Average
Economic Evolvement in Developing Countries
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Rate of Inflation
Middle Course is Best
Long-Wave Economic Theory
Growth in Developing Countries
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Investor Psychology
Speculative Mania
No Free Lunch
Timing the Market
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Tax Impact on Returns II
Contrary OpinionOctober, 1993
Tax Impact on Returns
Economic Phases related to Political Thinking
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Long-Wave Economic Theory
Every Excess is Self-Correcting
International Investing
Age of SpeculationApril, 1992
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Crisis Also Presents OpportunityDecember, 1991
Contrary OpinionOctober, 1991
Market Timing
Round-Trip Investing
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Effective Diversification
Crisis Impact on Stock MarketOctober, 1990
Time Horizons
Greenhouse Effect

1989 – 1986

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Not News Worthy
Investment Goals Plans
Crowd MentalityJuly, 1989
Generating Investment Ideas
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Current Market EnvironmentDecember, 1988
Contrary OpinionOctober, 1988
Climate of Stocks vs. BondsJuly, 1988
Demographic Patterns
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Market Correction
Valuation of the Stock Market
Contrarian Approach DefinedApril, 1987
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Current Market Environment OutlookDecember, 1986
Security Valuations