Market Insights

How We’re Managing Tariff Risk — Without Overhauling Portfolios

With the current administration’s focus on trade imbalances, tariffs continue to make waves in the market. Investors are naturally asking how this impacts their portfolios—and whether managers are adjusting in response.

How Can Volatility Be an Opportunity for Investors?

For many investors, the word “volatility” conjures images of whipsawing markets, plummeting portfolios, and sleepless nights refreshing stock tickers. And lately, thanks largely to policy changes out of Washington, volatility has returned with a vengeance.

The headlines have been relentless, and...

Buffett's Massive Cash Hoard

For years, we have read numerous articles and seen countless television commentators refer to Berkshire Hathaway’s “massive cash hoard” as if the company’s entire cash and fixed income balance (which is in the hundreds of billions) could be viewed as “dry powder” for potential acquisitions. This...

Beyond the Headlines

Broad sector performance—whether upward or downward—often obscures individual opportunities lingering beneath the surface. As bottom-up stock pickers, we specialize in identifying these businesses, uncovering those we believe are mispriced and/or overlooked. Currently, two sectors where we’re...

The Next Decade

The investment landscape is shifting. In the decade leading up to COVID-19, the environment was characterized by low interest rates, easy money, and rapid growth in a handful of dominant technology companies. However, the next 10 years look far less certain.

Defending Defense

Editor’s note: The following was adapted from our 4Q 2024 Commentary..

In a world where geopolitical tensions are escalating and global conflicts are high, the defense sector faces unprecedented challenges and opportunities. Despite the recent downturn in these stocks, we believe that the current...

Managing the Burden: The Implications of Rising U.S. Debt

Editor’s note: The following was adapted from our 3Q 2024 Commentary

In the months leading up to election day, both presidential candidates made promises of tax cuts and credits, housing incentives, childcare assistance, and other proposals. Unfortunately, little explanation was provided for how...

Investing in Convertible Bonds With Attractive Risk/Reward Characteristics

The post was originally published October 10, 2019 and updated November 21, 2024. 

“We are attracted to the downside protection that a convertible security’s bond feature offers, while also offering the ability to capture a significant portion of the upside in the issuer’s stock, given the...

Prospector Election Impact on Banks

The contrasting views of Republicans and Democrats on banking regulations could be one of the starkest differences in the upcoming U.S. presidential election: Republicans believe in a more laissez-faire approach while Democrats favor a tighter regulatory environment.

During President Biden’s term,...

Soft Landing or Mirage?

Editor’s note: The following was adapted from our 2Q 2024 Commentary

As the U.S. economy absorbs the most aggressive Federal Reserve tightening cycle in recent history, the historically elusive "soft landing" increasingly is becoming the base case for investors. While economic growth has...