15 Jul 2024

Tech vs. the World

Last week, Minjung Son sent the Investment Committee some information showing that the total market value of all emerging market stocks was about $10 trillion. Ryan Craft chuckled and said that was about equal to the three largest stocks in the US. Although I’ve written about how concentrated the US market is and how emerging markets haven’t done all that well in recent years, I was amazed that three stocks… Read More

10 Jul 2024

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review The Anxiety of Private Markets Inside the Economy: Inflation The Big Picture Click here to read the issue: Q2 2024 Portfolio Insights

8 Jul 2024

When will we feel the benefit of higher interest rates?

One of my favorite long-time readers and clients asked me a good question last week, which was: As I recall, David, you said that eventually, higher interest rates would be a benefit. If my recollection is correct, when will that be? It’s such a great question, and I thought I would answer it for everyone, but unfortunately, my answer is a little mealy-mouthed: it depends. It depends on how high… Read More

1 Jul 2024

Want NVDA? You’ve already got it

I was having breakfast the other day, and someone said they missed not having the 3,000 percent gain on Nvidia (NVDA) over the past five years. Of course, I agreed, but then I returned to the office thinking that the return couldn’t have been that high. In fact, over the five years ending on June 28th, the cumulative return for NVDA was 2,926 percent, so I’ll give that to them…. Read More