Quarterly Perspectives

"Many years in the equity markets are characterized by a prevailing theme or development, at times something dramatic such as the dot com frenzy of 1999 or the subprime mortgage meltdown of 2007 and 2008 that launched the Great Financial Crisis..."

"The recent passing of legendary investor Charlie Munger has prompted many prominent investors to publicly reflect upon his wisdom. The human element was often central to Munger’s insights concerning investment decision-making, and he was a pioneer in the field of behavioral finance."

“Traffic is an inevitable part of urban American life as those of us who frequent highways in Greater Boston or most other metropolitan areas know all too well. Apologies for raising an irritating topic, but we feel there are useful parallels to be drawn between driving and investment decision-making.”

“Atisa Dipamkara, a revered 11th century Buddhist philosopher, once said, “The greatest wisdom is seeing through appearances.” His insight into looking beyond first impressions resonates in today’s investment world. While diversification has long been touted as a means of mitigating risk, we recognize that it is far from solely determined by the number of securities held in an index or portfolio.”

“Human capital lies at the heart of business as well as society at large . . . The subject of diversity, equity, inclusion, and belonging (“DEIB”) transcends academic analysis and has recently taken on a heightened cultural focus.”

"Inflation framed last year’s narrative, with a June YoY CPI print of +9.1% representing the highest reading since 1981."

"Warren Buffett’s contrarian investment philosophy likely resonates with many who embrace a value-oriented mindset. While there is inherent logic in this time-tested recommendation, adhering to advice of this nature presents practical challenges."

"Generation X households are likely to inherit a staggering $30 trillion in wealth over the next 25 years and overtake the Baby Boomers as America’s wealthiest generation."

"So often geopolitical crises can seem abstract, far removed from our daily lives. We live in an age of stunning prosperity and overall quality of life relative to preceding generations, and perspective can easily be lost."

"Thinking about risk a bit differently can be revealing. Individual interpretations vary which is why applying traditional investment techniques and individualized approaches are both essential parts of the equation."