Recent Client Letters

Below are a handful of recent letters to our clients.

If you'd like us to send you an email when new letters are posted, just fill out the form on the bottom of this page.

2018 Annual Letter

  • The Price Revolution of the 20th Century
  • The Last Phase of the 20th Century Price Revolution: Deleveraging and Monetization
  • The QE/TINA Bubble Will Be Followed by Another Long-Term Bear Market
  • The Path Down from a Bubble Is Never a Smooth One, But There Is a Way Forward

July-August 2017 Client Letter

  • The Fed Has Only Shrunk Its Balance Sheet Twice in Its History, and It Wasn’t Pretty
  • Everyone Seems to Be Waiting for the Perfect Bubble Peak

2017 Annual Letter

  • The Pivotal Year of 1959, and the Era of Irrational Exuberance It Spawned
  • A View of Yet Another Asset Bubble
  • Investing for a Post-Bubble Market Environment

April 2016 Client Letter

  • Benjamin Graham, Simplicity and Potential Returns in Today's Over-Valued Market
  • An Update on Precious Metals and the Volatility We Expect

2016 Annual Letter

  • What the 1940s May Teach Us About the Decade Ahead
  • Summary of Equity, Commodity and Bond Markets
  • Reflections on This Market Cycle and Our Portfolios


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