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 […]

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 […]

“When We Are Absent One From the Other” In 2019, the equity market overcame trade disruptions, Brexit fears and slowing economic growth only to be impaired this year by a piece of RNA that jumped  from bats to humans, humans to humans, city to city and country to country. Travel restrictions were put in place, […]

For Individuals: The checklist below covers the new emergency relief options for individuals to consider. It includes emergency relief options outlined in:  The CARES Act Families First Coronavirus Response Act Executive orders IRS changes And other relief options specific to COVID-19 as they pertain to individuals  Download the COVID Relief Checklist for Individuals here. Please […]

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 […]

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 […]