Communications
OUR MANAGEMENT PROCESS BEGINS WITH A CONVERSATION THAT LASTS FOR YEARS
Define your investment objective, determine your time horizon, risk tolerance and liquidity needs
Assess how your portfolio is aligned with your investment objective, tax and risk profile
Articulate what risk your capital is taking for the reward it is producing and at what expense
Allocate your portfolio based upon our conversation, assessment and analysis
Repeat the entire process and re-balance your portfolio at regular intervals
Summer 2026
TOPICS AND THOUGHTS Iran War: began February 28th and is unwinding but its status remains unclear. The war is challenging the adage “buy on the sound of cannons and sell on the sound of trumpets” as the market has really shown few signs of letting up since the war began. Ukraine War: began February 24th,
Spring 2026
an entirely artificial market quip mimicking the Sage of Omaha created in less than a minute from a simple query to Claude AI***** EMPIRICALS First quarter 2026 was active with two wars, continued disruptive changes to US trade policies and a new disruptive force brought on by Google, Claude AI, ChatGPT, Grok and Co-Pilot.
2025 in Review
“If you’ve got a dollar and you spend 29 cents on a loaf of bread, you’ve got 71 cents left, but if you’ve got seventeen grand and you spend 29 cents on a loaf of bread, you’ve still got seventeen grand. There’s a math lesson for you.” – Steve Martin Steve Martin’s 70’s era quip