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Notes from the Investment Team

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

2017 was another banner year for investors. The total return (inclusive of dividends) for the S&P 500 was a gain of 22%. There were not any meaningful hiccups along the way; as shown in the chart below, the index posted positive returns in every single month of 2017. International stocks fared even better, with a…

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An Antidote to Volatility

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

“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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Keeping Our Eyes on Access to Capital

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

In 2007, you could count the number of companies with a “AAA” credit rating on two hands. General Electric (GE) was among that select group. But decisions made by management over the preceding 10-15 years eventually led GE to lose that top credit rating in 2009 – and seriously tested the company’s financial stability. Consider,…

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Indentity Theft

March 2018  By: BRENDAN FLAHERTY

Most people have been, or know someone who has been, affected by identity theft. It happens to those in their 20’s, those in their 90’s, and to all ages in between. According to the Federal Trade Commission, identity theft occurs when someone uses personally identifying information (PII) without permission to commit fraud or other crimes….

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Notes from the Investment Team

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

2017 was another banner year for investors. The total return (inclusive of dividends) for the S&P 500 was a gain of 22%. There were not any meaningful hiccups along the way; as shown in the chart below, the index posted positive returns in every single month of 2017. International stocks fared even better, with a…

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Estate Planning For Life!

October 2017  By: JULIA BUTLER, CFP®, JD, MBA, CFEI

Estate planning is really “transfer planning.” It is an ongoing exercise of planning how you accumulate, conserve, and distribute your assets during life, at death, and beyond. There are both financial and non-financial reasons to plan. These range from minimizing income and estate taxes, preserving business value, maximizing benefits for a surviving spouse, protecting against…

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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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All-Weather Portfolio Construction

October 2017  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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Investment Maxims

July 2017  By: MALCOLM BUTLER, JD

I attended an investment conference recently and one of the speakers was Stephen Friedman, former Chairman of Goldman Sachs. During his fireside chat, he mentioned that when it comes to investing, he follows some basic rules of risk management. He said that these rules were universal truths that grandparents have shared with their grandchildren over…

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Summer Reading

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

As part of our job as investment managers, we read numerous shareholder letters every year. Occasionally, these letters offer a unique perspective or insight that renews our enthusiasm for how we think about businesses and the art of long-term investing. The most recent letter from Amazon CEO Jeff Bezos is a gem that has kept…

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