Blog posts will be a little lighter over the next couple of days as I will be catching up with clients and friends who are in town from different parts of the region. Face-to-face conversations are still one of the best ways to exchange ideas, challenge assumptions, and hear what people are really thinking about…

Nobody likes losing money. In investing, losses come with the job even when you follow the same process that made you money the last time. The trick is not avoiding every drawdown. It is not panicking when one inevitably shows up. I sat down with some new partners recently and pulled up a real client…

I brought my family to watch Toy Story 5 earlier today. Like most Pixar movies, it was entertaining enough for the children while quietly slipping a message to the adults. The theme that stood out to me was how much time modern families spend on screens and gadgets. Children are often blamed for it, but…

Over coffee this week, some friends and partners brought up the latest memorandum or peace deal between the US and Iran. As expected, opinions were plentiful and certainty was in short supply. “Oh really?” a partner remarked when the agreement was described as a major victory for Trump. Another had actually taken the trouble to…

Kevin Warsh will do everything reasonably possible to avoid raising rates. That may sound odd given the overwhelmingly hawkish interpretation of this week’s FOMC meeting, but I came away with a different impression. Contrary to most (all?) of the FOMC summaries I read so far, I did not find Warsh’s press conference particularly hawkish. Warsh…