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4Q 2023 Letter from the CIO

4Q 2023 Letter from the CIO

Walter Todd reflects on the last quarter and 2024 as a whole as he explains his begrudging realization [that] the current market and economic environment of recent years doesn’t have to make sense.

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3Q 2023 Market Commentary

3Q 2023 Market Commentary

In this quarterly report, Dr. Mark Pyles, Walter Todd, and John Wiseman discuss the stock and bond markets and the economic overview. Mark analyzes the market perception through the lenses of both an optimist and a pessimist, while Walter cites “The Princess Bride’s” famous Battle of Wits.

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3Q 2023 Letter from the CIO

3Q 2023 Letter from the CIO

I recently heard someone describe this market environment as “the most intellectually challenging” they could recall. If you could have told me future events ahead of time at the beginning of the year, I don’t think I would have been able to predict the outcomes we have halfway through.

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2Q 2023 Letter from the CIO

2Q 2023 Letter from the CIO

I recently heard someone describe this market environment as “the most intellectually challenging” they could recall. If you could have told me future events ahead of time at the beginning of the year, I don’t think I would have been able to predict the outcomes we have halfway through.

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1Q 2023 Letter from the CIO

1Q 2023 Letter from the CIO

In his quarterly letter, Walter discusses the positive returns on stocks and bonds despite bank failures occurring globally. With the fastest rate-hiking cycle in 40 years, is the war on inflation is over and will the focus shift to managing the fallout.

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Who is the Next Weak Link? Market Update from Walter Todd

Who is the Next Weak Link?
Market Update from Walter Todd

After a tumultuous week in the markets, Walter sits down to provide an audio update on the continued impact of the Silicon Valley Bank collapse. He talks about the likely path forward for the Fed and explains the difference between weighted and standard S&P 500 performance, and why those numbers are currently at odds.

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The Silicon Valley Tumble. Market Update from Walter Todd

The Silicon Valley Tumble.
Market Update from Walter Todd

How did a run on a Californian bank start and will it spread? In his typically measured fashion, Walter addresses the specific factors that lead to the Silicon Valley Bank collapse and what the Federal Reserve, FDIC, and US Treasury have done to lessen the impact on other financial institutions. He also outlines the broader financial market in the coming year.

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3Q 2022 Letter from the CIO

3Q 2022 Letter from the CIO

As we turn our attention to financial markets and the economy, I’ll paraphrase a quote from the Queen’s 1992 speech commenting on the failure of three of her children’s marriages – “1992 (2022) is not a year on which I shall look back with undiluted pleasure.

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