INSIGHTS

By: Matt Garrott As a whisky (whiskey here in the States) matures, it loses about 2% of its volume to evaporation each year.  Distilleries call this The Angels’ Share.  They fill oak casks with a precious liquid knowing that each year part of their hard work will simply [...]

By: Matt Garrott The 2016 Harvard Management Company Annual Endowment Report is out.  What was once a great write-up about the cutting edge of investment management now serves as a warning that every investor can learn from.  The endowment’s fixation on keeping up with the Joneses [...]

By: Matt Garrott What do you remember most about the markets over the last 12 months or so? Was it the big drawdown in the first quarter?  Brexit?  Maybe the flash crash from a year ago?  How did you feel during each of these supposedly world-ending [...]

By: Matt Garrott What is the most important action an investor can take? Sometimes it is taking no action at all.  We were recently pitched a hot new hedge fund.  It is run by an eclectic genius (aren’t they all?), has good performance, and the client [...]

By: Matt Garrott It’s been over a year since the S&P hit its all-time high. The market has been going sideways.  From February 16th, 2015 through May 31st, 2016, the S&P 500 has returned 0%.  Investors have earned nothing.  Or have they? While the market returned [...]

by: Dan Gaugler Here’s the background story leading up to our recent recapitalization. In 1992 I wrote a business plan (as an MBA class assignment) for a fictional Fairway Financial Group. Explaining the A- grade, the professor wrote: “a comprehensive, if not completely believable plan. The [...]