Monthly Client Letters

View 2020 Monthly Client Letters here.
Magnified view of outside star-shaped light covered in snow

December 2021


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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Young woman tossing leaves in the air

November 2021


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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Magnified view of a red autumn leaves on the ground

October 2021


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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Magnified view of a calculator on top a notepad with numbers written on it

September 2021


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.”

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Magnified view of a calculator on top a notepad with numbers written on it

August 2021


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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View of an American flag planted in a grassy field against the sky at sunset

July 2021


Let’s take a pause from discussing investments to consider the significance of the founding of this, the country that we love. What follows comes from Richard, a great friend of long standing:

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Close up of gas station fuel prices

June 2021


“Damn, have you seen the price of lumber?” Our friend Dan asked over a beer after work last week. He went on to tell me how much it cost him to replace the deck on his house, which in turn led to more examples of inflation and another beer.

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Reserved parking spaces at a Covid-19 vaccination site

May 2021


We wrote last month about the anecdotal evidence of declining unemployment and the plethora of help wanted signs we see daily. Add to that bit of info the sign posted at the Taco Bell drive through.

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Neon sign advertising job opening outside of a business

April 2021


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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Close up of multiple stock positions on a laptop screen and a mobile phone screen

March 2021


“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.

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Close up of Game Stop stock positions

February 2021


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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Close up of brown shoes pointed towards white lettering painted on the ground reading 2021 next to a white arrow

January 2021


“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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