20 Mar 2023

Banking Crisis: Swiss Edition

Even though the US banking system is still under strain, I said last week that the current circumstances were not like what happened in 2008, and I stand by that view today. The 2008 financial crisis started because banks, in the aggregate, made bad loans that couldn’t be paid back. We all remember the easy lending standards that went beyond subprime loans. Who can forget the NINJA loan? No Income,… Read More

14 Mar 2023

Silicon Valley Bank: Something Broke

Yesterday, I wrote about how your cash is protected in the wake of Silicon Valley Bank’s (SVB) failure last week, and I promised to write about the potential impact on the overall economy today. Before I do that, I thought I would let you know that one of the two primary corporate bond funds that we use owned some SCV bonds that lost about half of their value since last… Read More

13 Mar 2023

Silicon Valley Bank

The Silicon Valley Bank (SVB) failure is a big deal. Big enough that I am going to tackle it over three days. Today, I’ll talk about your cash and how it is protected. Tomorrow, I’ll talk about what SVB’s failure could mean for the economy and why this failure differs from the 2008 financial crisis so far. And, on Wednesday, I’ll break down what happened at SVB that caused it… Read More

6 Mar 2023

Betting with Jim Cramer. Or Against Him

Jim Cramer is a fixture on the financial news channel, CNBC. He’s been on as long as we’ve been in business, and started his current show, Mad Money, three years after we got going. In the early days, I felt like I had to watch him because clients would ask about his picks and expected me to say something about them. I found his show exhausting because he shouts a… Read More

27 Feb 2023

Considering Inflation Protected Bonds (Again)

In the first quarter issue of Portfolio Insights in 2017, I wrote that Acropolis was phasing out our exposure to inflation-protected bonds, also known as TIPs (for Treasury Inflation-Protected Securities). At the time, inflation was low and stable, and although I whole heartedly supported removing TIPs, I wondered what would happen when we were hit with surprise inflation, which is when TIPs work best. Well, it took five years for… Read More

6 Feb 2023

Acropolis Clients Market View

Since January, I’ve offered previews for the Investor Social, which we held last week to great success. Mother nature threw us a little snow, but we still managed to pack the house and will need to find a larger venue next year, and put it online. In the meantime, we’ll provide the presentation to anyone that asks. The highlight of the show for me is when we ask the audience… Read More

30 Jan 2023

Acropolis Investor Social Day

As I noted last week, this year’s Investor Social is full beyond capacity, so unless you’ve already reserved a spot, I won’t see you in person tonight. Not to worry, we’re going to find a bigger venue next year and may try and figure out video for a webcast (we’ll see). I don’t want to steal too much of my own thunder and am kind of wiped out from preparing,… Read More

23 Jan 2023

Acropolis Invest Social Preview #2

Last week, I said I would preview slides from the 5th Annual Investor Social on January 30th. Before I go any further, I want to announce that we’ve hit capacity on the Investor Social and can’t accept any more RSVPs. We’re going to have to find a new venue for next year! Thank you to everyone that is attending! Last week, I showed a slide that I’ll discuss but offered… Read More

17 Jan 2023

Acropolis Investor Social Preview #1

After two years of staying home, Acropolis is hosting our 5th Annual Investor Social (invite below). I thought it would be fun to preview some of the slides leading up to the event, partly in hopes of drawing folks and partly to give the out-of-towners who weren’t invited some of the content (I’ll be happy to email the presentation after the event to those who missed it). This week, I… Read More

12 Dec 2022

Let Private Investments Stay Secret

Over the past five years, the hottest investments have all had the word ‘private’ in front of them: private equity, private credit, and private real estate. Private investments, or ‘privates’ as they are colloquially known, buy whole companies or properties or make direct loans to companies. When they buy companies or properties, the private fund managers can change management, business strategy, capital structure, or anything else that will allow them… Read More