Skip to content

December 2022 Portfolio Notes

Year-to-date market losses have retraced the frothiest segment of the recent speculative bubble, yet our estimates of prospective returns for a passive 60% S&P 500, 30% Treasury bond, 10% T-bill portfolio are nowhere near levels that we would associate with satisfactory long-term returns. Presently, market conditions reflect neither what we would consider "investment merit" nor "speculative merit."
Read more
Back To Top