QUARTERLY LETTER

Keeping my clients informed on what I am thinking.

Q4 2021: YEAR IN REVIEW

It was a year of haves and have-nots. U.S. stocks, real estate, and commodities all delivered 29%+ returns. On the flip side, emerging market stocks, gold, and all bonds (U.S., developed international, emerging) delivered negative returns. Such large divergences are unusual. But they are what we are built for...