1st Quarter 2020 Commentary

Conference Call Replay   Listen to the Podcast

It is not an overstatement to say that we are in the midst of a paradigm shift in the financial markets. We believe that what’s coming down the road is going to be a reversal of the conditions that existed for the prior three decades; all the accepted wisdom and the statistics and correlations will be out the window. Understanding that is probably the single most important preparation any investor can undertake right now.

We have seen significant risks in the market  for some time now, and have been preparing accordingly; the current pandemic has accelerated and magnified the risks, not changed them.

As in everything, context is key. This review covers how we got here, what has changed and, in preparation for a money-debasement world, what kinds of business models and assets one  doesn’t want to own as well as what kinds one should consider.

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