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…

I’m not the most active person on LinkedIn, more of a quiet observer who scrolls now and then. I do make new connections occasionally (selectively, of course). At the risk of upsetting some people, LinkedIn can sometimes feel like a stage where many are more interested in “showing off” than sharing real insights or adding…