Eric Clark, Portfolio Manager

As you know, interest rates and inflation have been on the rise and the trajectory has been severe. It's important to remember that the inflation we have today is largely man made and the trajectory of rates and inflation is the "accident" that caused all the chain reactions in asset prices. We can thank our politicians and the Federal Reserve for higher prices and the carnage in our investment portfolios. It didn't have to happen this way. I could write a separate blog on the arrogance and ineffectiveness of the Fed as an organization but suffice to say, the real problems likely began when Ben Bernanke arrived at the Fed in 2006. The trio of Bernanke, Yellen, and Powell has consistently gotten important decisions wrong, failed to see trouble when it was obvious to others, acted too late, and stayed easy far too long. It seems absurd that any central banker could be successful at smoothing the business cycle, let alone for Powell and Co. to accomplish this for a $21 trillion economy.

As you know, interest rates and inflation have been on the rise and the trajectory has been severe. It's important to remember that the inflation we have today is largely man made and the trajectory of rates and inflation is the "accident" that caused all the chain reactions in asset prices. We can thank our politicians and the Federal Reserve for higher prices and the carnage in our investment portfolios. It didn't have to happen this way. I could write a separate blog on the arrogance and ineffectiveness of the Fed as an organization but suffice to say, the real problems likely began when Ben Bernanke arrived at the Fed in 2006. The trio of Bernanke, Yellen, and Powell has consistently gotten important decisions wrong, failed to see trouble when it was obvious to others, acted too late, and stayed easy far too long. It seems absurd that any central banker could be successful at smoothing the business cycle, let alone for Powell and Co. to accomplish this for a $21 trillion economy.

Most investment portfolios in the U.S. have very little direct exposure to emerging markets in general, and India in particular. As global investors in iconic b2b and b2c brands, one of the key themes we are excited about, is the expansion of the emerging middle class across the world.

Most investment portfolios in the U.S. have very little direct exposure to emerging markets in general, and India in particular. As global investors in iconic b2b and b2c brands, one of the key themes we are excited about, is the expansion of the emerging middle class across the world.

Millennials and Gen-Z are likely the primary beneficiaries of the wealth that's being transferred from Boomers & their parents. I've seen it firsthand across my friend cohort, a handful of friends have been the beneficiaries of some large pools of assets as their parents and grandparents pass away and their assets get passed down.

Millennials and Gen-Z are likely the primary beneficiaries of the wealth that's being transferred from Boomers & their parents. I've seen it firsthand across my friend cohort, a handful of friends have been the beneficiaries of some large pools of assets as their parents and grandparents pass away and their assets get passed down.

If you are an investor or a manager of other people's investments, 2022 has been a particularly difficult year. Generally, fixed income assets act as a safe haven when stocks are under siege. But when inflation and rates are rising, very few assets get spared.

By now, you have likely seen and heard the news about FTX’s epic collapse & bankruptcy filing last week. Over the last year, lots of smaller cryptocurrency platforms have gone under and the hacking of customer digital wallets has been rampant.