Blog

  October 13, 2025 - Benjamin Graham’s 1949 book, The Intelligent Investor, is widely regarded as the foundational text of value investing and is one of the most influential books ever written on investing philosophy. In the book, Graham guides investors to view securities as fractional ownership…

  September 14, 2025 - The "Roaring Twenties" represented a period of rapid industrial growth around one hundred years ago, underpinned by the development and adoption of life-changing technological innovations including automobiles, radios, and electricity. Between 1921 and 1929, the U.S. stock market, as measured by the Dow…

August 16, 2025 - "I like the stock," Keith Gill proclaimed, as he defended himself in a virtual hearing in front of the House Committee on Financial Services. The time was February 2021, the peak of the meme stock craze, and Gill, aka Roaring Kitty, was in the limelight as…

July 12, 2025 - Since the onset of the COVID-19 pandemic, retail investors have become a significant presence in the stock market. Over the past five years, trading flows have increased 400% among 18-25 year-olds, while flows from lower-income households (below $35,000) rose nearly 450%. In the…

June 15, 2025 - Volatility can be a gift and a curse for investors. When investors discuss volatility, they typically refer to downward volatility - no one gets upset when they are rapidly making money. From an allocator's perspective, volatility is viewed as a negative characteristic, as it serves as a…

May 11, 2025 - Formative months in the market have a way of searing themselves into the minds of investors. October 1987. October 2008. March 2020. And now, April 2025. The Liberation Day tariffs (alternatively known as "obliteration day" or the "rose garden massacre" for those…

April 13, 2025 - We do not often hear from former Treasury Secretaries, but when we do, our ears perk up - particularly if it is to criticize economic policy. In an interview last week, former U.S. Treasury Secretary Janet Yellen blasted President Trump’s trade policy, calling the 'Liberation…

March 16, 2025 - The Tariff Act of 1890, commonly known as the McKinley Tariff, was a piece of protectionist trade policy passed in 1890 during the administration of President Benjamin Harrison. Sponsored by Representative William McKinley (R-Ohio), who later became president, the Act aimed to protect American…

February 16, 2025 - The Tariff Man struck back in what the Wall Street Journal called The Dumbest Trade War in History. While we all know how economically damaging President Trump's on-again, off-again, trade war is for the global economy and the capital markets, he seems to thrive…

December 16, 2024 - As investors priced in prospects of deregulation and a fresh focus on economic growth, markets surged, allocator optimism skyrocketed, and stock market fund inflows swelled with market participants cheering the election of Donald Trump. An upcoming change in the U.S. administration had an…