A Rational Approach to Market Volatility

January 2019  By: JOEL GOODMAN, CFA, ALEX MORRIS, CFA, MBA

Through the first nine months of the year, it looked like 2018 would be another pleasant year for investors. The S&P 500 climbed more than 7% in the third quarter, pushing the year to date return for the index above 10%. But those gains – and then some – evaporated in the fourth quarter, with…

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Hiring a CFO to Manage Your Family’s Wealth

December 2018  By: JOEL GOODMAN, CFA

As you accumulate significant wealth, your financial world becomes increasingly complex. Your wealth may include not only stocks and bonds, but also private equity investments, real estate and perhaps a family business. Your estate plan may be complicated as well and may include a private foundation. At some point, high-net-worth individuals may find their attention…

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Not Reaching for Yield

November 2018  By: JARED HAMMERS, CFA

At the 2013 Berkshire Hathaway meeting, a shareholder asked Charlie Munger for his thoughts on Federal Reserve policy and interest rates. Here’s what he had to say: “Well, I strongly suspect that interest rates aren’t going to stay this low for extended periods. But, as I pointed out, practically everybody has been very surprised by…

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Choosing A Smart Investment Strategy

August 2018  By: JULIA BUTLER, CFP®, JD, MBA

  If you’ve ever looked at a graph of stock market returns, you might notice the similarities with an EKG.  Lots of ups and downs. But overall, the trend is up.  Over the long term, the stock market has delivered compounded annual rates of return of 8-10% per year.  In order to achieve the long-term…

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The Path to Value Realization

July 2018  By: JOEL GOODMAN, CFA, SCOTT McGHIE, CFA, CPA, ALEX MORRIS, CFA, MBA, JARED HAMMERS, CFA

For many years, we’ve heard market prognosticators proclaim that the current bull market is nearing its fateful end. Between the Euro crisis, the U.S. debt downgrade, concerns about China, Brexit, the “taper tantrum,” and now the threat of an expanding trade war, they have offered plenty of reasons to be cautious over the years since…

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The Impact of Inflation

June 2018  By: MALCOLM BUTLER, JD

From the end of 2017 through April, inflation has increased from +2.1% to +2.5% (using CPI as a proxy). Over the same period, the yield on ten-year Treasury bonds has risen from 2.4% to 3.0%. These moves have led market participants to question if a change in the status quo is underway. Let’s assume inflation…

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Berkshire Trip 2018

May 2018  By: ALEX MORRIS, CFA, MBA

In early May, I attended the Berkshire Hathaway shareholder meeting in Omaha, Nebraska. The event, dubbed “Woodstock for Capitalists,” attracted more than 40,000 attendees from around the world. I made my first trip to Omaha with a friend back in 2010. We had both become fascinated with investing and decided we couldn’t miss the chance…

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All-Weather Portfolio Construction

May 2018  By: MALCOLM BUTLER, JD

It seems that there has been an increase in severe weather these days including floods, fire, and wind. In Savannah, we suffered a direct hit from Hurricane Matthew last year and endured a mandatory evacuation this year due to Hurricane Irma. Hurricanes are a constant threat during the summer and fall, and we have learned…

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An Antidote to Volatility

May 2018  By: JULIA BUTLER, CFP®, JD, MBA

“Antidote”: Something that works against an unwanted condition to make it better. Investors might agree that market volatility is an unwanted (though unavoidable) condition. What works against it to make it better? The antidote is choosing—and sticking with—a strategic asset allocation target that meets your return objectives while respecting both your financial capacity to deal…

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Investment Approach Revisited

October 2017  By: JOEL GOODMAN, CFA, SCOTT McGHIE, CFA, CPA, ALEX MORRIS, CFA, MBA

The S&P 500 continued its march higher in the third quarter and has now increased by 14% (including dividends) in 2017.  International markets have reported even better results, with the MSCI World index (ex-U.S.) climbing 21% over the same period. This marks the continuation of eight bountiful years for investors since the end of the…

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