March 2023 Client Letter

My copy of Bogle on Mutual Funds by investment giant and founder of The Vanguard Group, John Bogle, sits on my desk as it always has during my 30 years in the investment management business. Bogle’s first chapter begins with our favorite investment strategy, compound interest. Clients know that the process of having money make money by way of reinvesting dividends and interest year after year is one way to achieve investment success.

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February 2023 Client Letter

One of the more endearing characteristics of a stock, in our view, is its belonging to a company with a history of raising its dividend. That’s because if you own the stock, consistent dividend increases raise the yield on your original cost basis. Patient investors realize that a modest yield today can grow significantly in the future.

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November 2022 Client Letter

A year ago, when cryptocurrencies were trading at their all-time highs, I was interviewed by CNBC. According to CNBC, financial advisors like me were divided on whether it was too soon or too risky to put clients’ money into cryptos. The article looked to establish whether to invest or not.

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October 2022 Client Letter

By year-end 1993, I had about 18 months experience in the investment industry. During that short period, I had it relatively easy. The U.S. economy was enjoying its 33rd straight month of economic expansion, interest rates were still on the low side, and inflation was tame. As we rolled into 1994, it appeared we could have another year of market stability.

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September 2022 Client Letter

Here in Naples, we are already a month into the new school year. With our youngest son Jack now a freshman, we again have two kids in high school. Rick, a senior, has a study hall during first period, which allows him to stay at home until second period. This leaves me on morning-carpooling detail for Jack.

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