The Light at the End of the Tunnel There appears to be a light at the end of the pandemic tunnel, at least in certain parts of the US. According to USA Facts, by July 14 of this year 56% of the population had received at least one vaccine dose and 49% of the population […]

History is Rhyming The provenance of “History doesn’t repeat itself, but it often rhymes,” is questionable but sure seems to apply today to pandemics and stock scandals.  Although the current pandemic has not run the course, vaccines and therapeutics to counter secondary infections should keep the death rate below the 50 million experienced during the […]

From Charles Dickens to Amanda Gorman Dickens authored 2020. Whether pondering the coronavirus and the vaccines, social injustice and the response or the fall and rise of global equity markets, “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it […]

I’m over it. I’m tired of viruses, Brexit and elections; I’m tired of wearing masks, social distancing and missing my friends and family. I keep hearing “these are short-term problems; focus on the long run.”  When’s the “long run” coming? How did my Grandmother, from whose first name my middle name is fashioned, survive all […]

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Sturm und Drang Our hearts go out to those whose loved ones are being impacted by COVID-19; we empathize with those businesses that are trying to find a path forward during this difficult time. The Market As if this insidious virus wasn’t enough of a challenge, investors had to deal with early tropical storms, a […]

From an email sent to IIM investors on July 2, 2020: After collapsing by 22 million in March and April, 4.8 million workers returned to work in June, according to this morning’s jobs report – significantly more than the 3 million to 4 million consensus prediction among surveyed economists. This is the second consecutive month […]

Dear Tarpon Investors, Several quick notes before updating you on Tarpon: 1. The topics I was hoping to cover in this year’s Annual Investor Meeting will be delivered via a series of emails later this summer. 2. Goldman Sachs is buying FOLIO. Stay tuned for what, if anything, that may mean for us. 3. Here […]

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 […]

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 […]