While others are distracted by political noise or the latest geopolitical narratives, our investment process stays focused on a simpler question: what works and what does not. Sustainable long-term performance is rarely comfortable. It requires sacrifice, discipline, and a repeatable process not consensus or reassurance. Patience is the real edge. I know, I know. Volatile…
The economy looks fine from a distance
I recently met up with a long-term client who has since become a business partner. From where he is based in Singapore, the economy where I’m based appears healthy. Well, GDP growth looks strong and the local currency has firmed up against the US dollar. On the surface, the numbers seem to support that view….
Money is earned before it is managed
Just earlier today, a well-mannered Grab driver picked up some documents from me for delivery to a partner. He looked tired, probably had been on the road the entire day but he was polite, focused, and professional. As he drove off, it brought back a memory from more than 30 years ago. While waiting for…
Politics, Powell, and why gold is laughing
Markets were jolted late after news broke that the US Department of Justice had served grand jury subpoenas to the Federal Reserve over renovations at its headquarters. Jerome Powell responded with a terse statement, rejecting the allegations outright and calling them a “pretext” rooted in dissatisfaction with the Fed’s interest-rate policy. Markets did not wait…
Survey Monday
Why are we always looking for a dollar crash? From time to time, the same prediction resurfaces: the US dollar is about to collapse. Sometimes it is because of debt. Sometimes deficits. Sometimes geopolitics. Occasionally, astrology. Sometimes, the forecast escalates quickly from a weaker dollar to the collapse of America itself. Lately, a number of…