Insights

Last July, our letter led with the quote, “Winter is Coming”, as we warned of potential investment risk. The stock market didn’t cooperate, as it rallied a further six percent over the next six months. We then wrote our most bearish letter of the past twenty-five years, urging readers to shift investment allocations to more stable assets such as private lending. Eleven days later, the S&P 500 Index peaked, dropping 18% to Monday’s closing level, far below its level when we penned both aforementioned missives. As the old saying goes, “The market takes the escalator up and the elevator down.”