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Island Investing

Riffs, rants, and the upside of investing from way off Wall Street


Category: Commentary

Historic Unemployment and the Months Ahead

From an email sent May 13, 2020: Good morning, IIM investors. Given the nature of this COVID crisis, recent unemployment numbers are particularly important to understand. Below is some context for how we’re thinking about them.  It’s also the time of year that RIA firms like ours are required to send out updated versions of […]

An Economy in Recession

From an email sent April 30, 2020: Good evening, IIM investors. This week’s GDP report formally confirmed what you probably already knew: the economy is either already in recession, or soon will be. That report was unique not only because it was rooted in a global pandemic, but because quarterly economic data won’t really tell […]

Negative Oil Prices?!?!

From an email sent April 22, 2020: Good evening, IIM investors. The nationwide shutdown in response to the coronavirus has hit all corners of the economy, including the energy sector. The oil market made historic moves on Monday, as per those breathless headlines about the price of crude falling into negative territory for the first […]

Coronavirus Versus the Fed

From an email sent on March 19, 2020: Good evening, IIM investors. This week we appear to be witnessing the worst psychological – though not statistical – impact of COVID-19. While we are currently waiting on the details of the fiscal stimulus program that will help combat the economic effects of the coronavirus, the monetary […]

Thoughts on Thursday’s Market Drop

From an email sent on March 13, 2020: Good evening again, IIM investors. After 11 years, a perfect storm around the new coronavirus has pushed markets into bear territory. The World Health Organization officially declared the COVID-19 outbreak a pandemic, markets were disappointed by government policy responses, and containment measures increased as cases continue to […]

Thoughts on the Coronavirus

From an email sent on March 4, 2020: Good evening, IIM investors. Below are some thoughts from Retz and I about the coronavirus. We hope they help answer your questions. First, though, for Tarpon Folio investors in particular: I’d like to make another plug for the IIM Investor Message Boards.  Energy markets have been especially […]

IIM International Portfolios: 2019 Letter to Investors

What A Year It Was What a difference a year makes! Overshadowed by Brexit, trade wars and fears of a recession equities dropped precipitously the last quarter of 2018 and created a bit of trepidation entering last year. Indeed, these forces still played a part in investor sentiment during 2019, but as the year progressed, […]

IIM International Portfolios: Thru Q3 2019

What I Learned During Oktoberfest             After hearing my travel woes – typhoons, earthquakes, electrical shocks  – Baader Investments invited me to their September conference in Munich where investment opportunities converged at the Sofitel in Munich, Germany during Oktoberfest. Too bad I don’t drink beer, but certainly I enjoyed the pageantry and gaiety that infused […]

IIM International Portfolios: Investor Letter for Q3 ’18

As discussed in my recent blog post, international investing this year has been like walking through a mine field, as stock prices discounted the implications of tariffs, Brexit and volatile emerging markets. Adding insult to injury, the strengthening U.S. dollar further eroded domestic returns for foreign stocks. Unless otherwise noted, the performance in this letter […]

Update on Yellowtail, Our Small and Mid Cap International Portfolio

Below is our most recent video update on the Yellowtail Folio. Yellowtail is IIM’s small- and mid-cap international portfolio, available to individual investors as well as institutions. In the slideshow below you’ll learn more about Yellowtail’s holdings and recent performance, as well as why we think international stocks look attractive lately. And click here to […]