Quarterly Review

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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Q3 2022 Compass Review

According to the University of Michigan Consumer Sentiment Index, consumers feel as bleak as they did during the great financial crisis 15 years ago.  At the…

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Q2 2022 Compass Review

Last quarter we said: “We were welcoming the correction as a necessary adjustment in speculative excess that in the long run would threaten market stability.”   So,…

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Q1 2022 Compass Review

The quarter started off predictably enough with December’s market weakness continuing to reflect fear of war, Fed tightening, deflation of the growth stock bubble and supply…

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The New Reality

Q3 2021 Compass Review Last quarter we reached an inflection point, and the markets are trying their best to adjust. Part of that adjustment is simply…

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