Monthly Client Letters
View 2020 Monthly Client Letters here.

As we have worked together over the years it has been human nature to get to know each other better. For you it is probably obvious that we enjoy laughing at humor of all kinds, including cringe creating puns.
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I was watching CNBC obliquely, interested more in having background sound in the room than in capturing any investing news, when my granddaughter asked, “Why are they talking about cartoons on that program?”
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Wow! We didn’t anticipate this: several folks have requested that we leave the First Annual Shred Week open longer to allow their friends and relatives to take advantage of it, so it’s being extended through October 15th. Got things to shred? Bring ‘em on!
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From one of our trusted research sources:
It is being reported by the prominent political paper The Hill that “big Washington lobbyists have already succeeded in greatly watering down Biden’s tax plans, and perhaps eliminating their chances. Evidently lobbyists have done very well at getting middle of the road Democrats to turn against Biden’s tax plans. Biden’s plans include increasing long-term capital gains taxes to regular income tax levels and eliminating the “step-up in basis” at death in inheritance.”

There’s no such thing as a free lunch. Ok, we agree with the anonymous ‘they’ when they say that there’s no such thing as a free lunch; however, we assure you this free offer is truly free. Unlike the proverbial lunch it can’t be eaten but never-the-less Is perhaps usable by you. We will be having a ‘Shredding Day’ soon: watch for more details in next month’s letter.
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When we leave here at day’s end, the most direct route home passes a steady array of business with signs announcing, We’re Hiring: anecdotal evidence that’s consistent with the national employment numbers.
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“Beware the Ides of March!”
You gotta be kidding. Bring it on.
We survived the Ides of February and are ready to tackle whatever comes our way. The weather reminded us that Mother Nature can be capricious and unpredictable. She (can I still use that pronoun in this ‘cancel culture’?) had no sympathy for the fact that Covid-19 was already upon us with a vengeance.

Even more than a bumpy night, for many of the inexperienced newbies it is going to be a very expensive learning experience. Shorting stocks is not new, just a recent media discovery (“Look what I found, the little guys getting even with the Wall Street Masters of the Universe!) in a time of limited headline events.
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“The market is going down!” “The market is going up!” That’s absolutely correct—both are correct—but when will either happen? What’s next? To quote Macbeth from that eponymous play, “Ah, there’s the rub!” The expectation, frequently reinforced by the Federal Reserve, that interest rates, as well as inflation, will remain low for some time, augurs well for the longer term economic and market outlook.
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