Selection of Recent Client Letters

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

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


July/August 2020 Client Letter

  • Gold Walks Through Its 2011 Peak as Awareness Grows and Real Rates Sink
  • The Real Outlook for the Typical 60/40 Portfolio of Stocks and Bonds

June 2020 Client Letter

  • Early Signs Suggest the Monetary Earthquake of 2020 is Unlike Any Other in the Post-War Era
  • The U.S. Equity Market Now Stands Alone in Overvaluation

May 2020 Client Letter

  • A Decade into Deleveraging, It Feels Like Another Treasury–Fed Agreement Is Now in Place
  • Warren Buffett Senses Something He Doesn’t Like

April 2020 Client Letter

  • Unlike Wars, Pandemics Depress Economic Activity and Interest Rates
  • A Year After the Crash of 1929, the Market Didn’t Look So Bad

March 2020 Client Letter

  • An Avalanche into a Whole New Monetary Paradigm
  • After Laying Low for Two Years, a Long-Term Devaluation Is Exposed by a Virus

February 2020 Client Letter

  • The Yield Curve Re-Inverts, and the Fed Is Suddenly Dramatically Behind the Curve
  • A Few Words on Market Volatility and Precious Metals

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

2019 Annual Client Letter

  • The 1965 Pivot, and a Rhyme of History
  • We May Already Have Entered a Post-Bubble Market Environment
  • A Summary of Our Market Outlook


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