We personally author periodic letters and presentations to our clients to provide an update on how we are managing their portfolios, our view on economic conditions, and important updates on financial planning topics.  We post some of that content to this blog for public viewing.  We hope you find the content useful. 

Second Quarter 2026: Canal History and the AI Boom

I’m writing this commentary while traveling by boat from Seneca Lake through sections of the Erie Canal toward Lake Ontario.  Our hopes of crossing Lake Ontario and exploring the Rideau River in Canada were dashed by a mechanical shaft failure that requires hauling the boat out of the water for professional repair, ending our vacation and likely our boating season.

Third Quarter 2025: All That Glitters Isn’t Gold

Market Recap

Markets were strong, pretty much across the board, in the third quarter.  Despite an uptick in inflation from tariffs, a government shut down, weakening labor markets and continued geopolitical unrest, the global markets have thus far been remarkably resilient.  U.S.

Second Quarter 2025:  One Big Beastly Burden

Market Recap

The second quarter of 2025 proved to be one of the most volatile on record.  The S&P 500 Index of large US stocks dropped over 19% from its recent high up to April 8th, shortly after the “Liberation Day” tariff threats.  After the tariffs were postponed and reduced in magnitude, the index recovered all of these declines and end