Selection of Recent Client Letters

A selection of recent letters to our clients are linked below.

If you'd like to receive an email when new letters are posted, fill out the form at the bottom of this page. Articles published at Advisor Perspectives and elsewhere are shared on LinkedIn.  Follow Sitka Pacific on LinkedIn for updates.

To see how our Absolute Return approach effectively reduces volatility and risk within a diversified portfolio, read our brief article:

On Resiliency, and a Solution to the 60/40 Dilemma


September 2021 Client Letter

  • Investing in Undervalued Markets Amid a Monetary Bubble
  • As the Fed Considers Tapering, the Phase Shift in the Bond Market Is Clear

July/August 2021 Client Letter

  • A Look at Prospective Market Returns Amid a New Era of Negative Real Rates
  • Allocating as the Fed and Other Central Banks Begin to Tolerate Higher Inflation

June 2021 Client Letter

  • Feeling Cold Feet, the Fed Releases a Tapering Trial Balloon
  • An Update on the U.S. Equity Market, in Two Remarkable Charts

May 2021 Client Letter

  • Beyond Recent Gains, Commodities Likely Represent a Long-Term Opportunity
  • The Current Tapering Debate Appears to be Missing the Forest for the Trees

April 2021 Client Letter

  • Two Demographic Drags on Inflation Are Pivoting
  • An Update on Gold and Silver’s Consolidation

March 2021 Client Letter

  • Shiller’s ECY Makes Relative Sense, but the Market’s Absolute Return May Be Another Story
  • The Federal Reserve Is No Longer Acting on Expectations and Assumptions

February 2021 Client Letter

  • Amid Fears of a Taper Tantrum, Half of the Dual Mandate Is Securely on the Shelf
  • The First Bond Market Revolt Reaches the First Line in the Sand

2021 Annual Client Letter

  • How an Inflationary Long-Term Bear Market Swindled Equity Investors
  • This Era May Come to Be Remembered as the Federal Reserve’s Third Great Mistake
  • A Summary of Our Market Outlook
  • In the Years Ahead, Real Returns May Be Confined to Unconventional Portfolios

October 2020 Client Letter

  • Sentiment Surrounding Debt Crossed a Major Threshold This Year
  • Two Years into the Reversion, and It Has Hardly Begun

2020 Annual Client Letter

  • From the End of Monetary Restraint to Trillion-Dollar Deficits
  • Mission Creep Toward an Old Normal: MMT and “Symmetric” Monetary Policy
  • A Summary of Our Market Outlook in 2020
  • It’s Time to Be Invested in Assets Outside the Dollar


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