Bear in the Woods?

The third quarter extended the wild times previewed in the first six months, with a particularly grizzly downturn August 24. The Dow fell 589 points in one day – more on that later. Market volatility remains high, with the Dow index regularly moving several hundred points in both directions. Combined with the recent period of […]

October Newsletter

Our quarterly newsletter is fresh off the presses.  Below is a link to access a pdf version. October, 2015 newsletter

Correction Blog – The Ragged Days of August

This past Friday the Dow Jones Industrial average fell 531 points in a session marked by panic selling into what have been, for some time, thinly traded markets. Our blog posting of last month implied that this was a possibility, as markets have gone sideways for months, and the Bull was getting old. The correction […]

Everybody is On Vacation

The summer is in full swing, and it appears as if the buyers of securities are on vacation. Almost all asset sectors are suffering in the current market swoon. Mr. Market has been out in the heat too long, and now must lay down and cool off. Prices are dropping on the slightest negativity, and […]

Meeting A Family’s Diverse Financial Goals

Liability-driven investing (LDI) has gained popularity among family offices with more than $100 million in recent years after having been adopted by large defined benefit pension plans during the past decade.  LDI can also be used for all families that have multiple needs and goals (don’t all!). Pension funds adopted LDI as a way to […]

Money + Children + Talk = Values

As a parent of three teenagers who is, admittedly, in a good financial position, the money issue that scares me more than any other is the question of how prepared my children will be to make smart money choices. Don’t get me wrong, my children are great kids who are smart and responsible, but bad […]

Greek Drama and China Falling

What a wild summer it is turning into! Everybody is talking about Greece. As of this writing, Greek voters have handily rejected proposed terms for a bailout from the EU, and it is a matter of hours before the banks run out of money. Let the riots begin. The China stock market is in roaring […]


My wife and I recently located a townhouse in Wilmington that we wanted to buy.  Despite having located the property ourselves, we decided to engage a buyer’s agent to help with the final decision and with the negotiations and many other issues that come up prior to closing.  This was a wise decision. This experience […]

A Goal without a Plan is just a Wish

This quote from Antoine de Saint-Exupery, the author of ‘The Little Prince’, is my new favorite.  It is the featured quote for the month of March on a Camp Seafarer calendar which I saw while putting my daughter to bed.  She loves going to camp and I love that her counselors are helping her think […]


Contemporary portfolio strategists find themselves continually pondering today’s investment climate, in which a peculiar set of circumstances reflects a world which is not supposed to exist. Like Alice in Wonderland, we are down The Rabbit Hole. When I studied economics in the last century (a scary thought), professors described several highly unlikely phenomena: Negative interest […]