Below you'll find a list of all posts that have been categorized as “Client Memo”
I hope this month’s update finds you well. Other than piles upon piles of shockingly bad economic news, not much has changed in my outlook since I last wrote to you… so I will try to keep this monthly update brief. Current Market Conditions The market rallied throughout the month of April, which has led many investors to the optimistic …
Dear client or friend of Vailshire Partners LP, Greetings from Colorado Springs! It is not an exaggeration to say that the world and the economy have changed dramatically since my last quarterly memo. The State of the Economy The coronavirus and the disease it causes, COVID-19, needs no introduction. The world’s economy was previously dancing on the precipice of a …
We are certainly living in interesting times. I genuinely hope all is well with you and your loved ones. Last month’s investment update was longer than normal, but hopefully you found it to be informative and helpful. If you didn’t get the chance to read it, I would recommend going back to it for reference… as many of the concerns …
This monthly update is much longer than normal, but I urge you to read through it, given the current state of the world and economy. Both the coronavirus (COVID-19) and recent stock market plunge are on most people’s minds these days. I know this because everyone from my Uber drivers to college professors to fellow physicians are telling me about …
I hope all is well with you. We are having a warm and windy weekend here in Colorado…. It’s hard to believe that we’ll be covered in snow, with temps dropping below zero, in the next 3-4 days! Similar to 4Q in 2019, the GDP in the United States continues to decelerate while inflation tepidly accelerates. Not helping matters is …
Greetings from Colorado Springs! I hope you and your loved ones enjoyed celebrating the holidays and New Year recently. Our family enjoyed a quiet Christmas together at home before venturing to Minnesota for a quick visit with our family and friends. The State of the Economy At the start of a new decade, the US economy remains in a period …
Happy New Year and (a belated) happy holidays! In the 4th quarter of 2020, we experienced continued deceleration of GDP in the United States with new mild acceleration of inflation. We remain in an industrial recession, but the consumer remains relatively stable and strong. The equity markets have continued to reach new highs and the Federal Reserve remains dovish… and …
I hope that each of you had a wonderful Thanksgiving week! As I wrote in last month’s update, the US economy has been showing signs of moving from bad-to-less-bad in the short term, which means that we can be cautiously optimistic in our investment style. While we are still seeing slowing economic (GDP) growth relative to the previous 1-2 years, …
After several months of maintaining highly defensive positions within our portfolios, we finally started to see signs of “bad-to-less-bad” within the United States’ economy in October. The previous market conditions were such that a precipitous drop in high-volatility, technology, and other growth stocks was to be expected, statistically-speaking. Because of this, we were in full protection mode with our asset …
Dear client or friend of Vailshire Partners LP, Happy Autumn! I hope this season’s quarterly client memo finds you well. The State of the Economy Similar to what I wrote in my last memo to you, the United States remains on the precipice of a recession. In fact, the manufacturing sector is already in a recession and the services sector is …
