Quarterly Review

Q1 2025 Review: Defying Gravity

They say that Michael Jordan’s “hang time” was only .9 seconds, but through technique, body control and timing, it looked like he could fly. The Bar-tailed…

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Q4 2024 Review: The Other Revolution

In our last newsletter we wrote about the impending political revolution, but 2024 was defined by a different revolution: Artificial Intelligence. At least that’s what the…

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Q3 2024 Review: Maybe The Market Does Care?

Maybe the market does care? Out of nowhere, the broader market “woke up” and decided there were a whole lot of compelling investments that had little…

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Q2 2024 Review: Sometimes the Market Just Doesn’t Care

Sometimes the market just doesn’t care. All the air gets sucked up by a mega trend, and everything else gets overshadowed. Investors can chase the trend,…

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Q1 2024 Compass Review: Two Sides of a Coin

In Warren Buffet’s latest annual Berkshire Hathway letter, he wrote, “For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was…

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Q4 2023 Compass Review: Time

The cornerstone of investing is the tradeoff between interest and time. A dollar today is worth more than a dollar tomorrow because you can earn interest…

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Q3 2023 Compass Review

Expectations are hard to change.  We expect certain things from our partners, our friends, an Amazon delivery, and a dining experience.  When these expectations aren’t met,…

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Q2 2023 Compass Review

The second quarter can be summed up in one word: Resilient.  A resilient economy, despite higher interest rates.  A resilient stock market, despite narrow leadership by…

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Q1 2023 Compass Review

A major crisis. Accommodative monetary policy to save the system.  Lower long-term interest rates. Financial and energy stocks priced for a major recession.  Large cap tech…

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Q4 2022 Compass Review

The world got a whole lot poorer last year.  There was almost nowhere to hide.  The S&P finished down 20% and the Nasdaq lost 33%.  Even…

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