By: Louis Vincent-Gave For all the growth in the Chinese economy over the past two decades, the returns on Chinese equities have been no better than pedestrian— demonstrating once again that the correlation between economic growth and stock market returns is a tenuous one, especially in emerging markets. However, every… Read More

Introduction Investors that read or listen to Louis-Vincent Gave are likely familiar with his assertion that the defining moment of 2007-2008 wasn’t the US mortgage crisis but was instead the launch of the iPhone. And, early adopters who traded in their BlackBerry Curve, Palm Treo, or RAZR flip phone back… Read More

Introduction Investors that read or listen to Louis-Vincent Gave are likely familiar with his assertion that the defining moment of 2007-2008 wasn’t the US mortgage crisis but was instead the launch of the iPhone. And, early adopters who traded in their BlackBerry Curve, Palm Treo, or RAZR flip phone back… Read More

By Louis-Vincent Gave Imagine an investor who had prior knowledge of this year’s major events—but no idea how the market would react to them. Specifically, imagine an investor who, a year ago, had been told that in the course of 2022: In short, 2022 was a tough year to navigate… Read More

By Wm. Kelly Sterling As another challenging year ends, it is important to keep abreast of changes in the tax laws. This is especially true this year as we have a little more certainty about how new tax laws may impact you next year. This memo provides an overview of… Read More

By Howard Marks There are few figures in our industry that I consider “can’t miss” contributors in terms of financial commentary. Howard Marks of Oaktree is one of them. His vast knowledge of the economy, public markets, private markets, etc., is tremendous. Unlike most authors, he doesn’t seek to impress… Read More

Over the past four years, we’ve published a popular series highlighting a handful of Initial Public Offerings (IPOs) for investors to watch. The most recent installment, which was published in February of this year, shared a mindboggling statistic: that companies listed on US exchanges rose so rapidly in 2021… Read More

By Louis Vincent-Gave Almost 70 years ago, John Kenneth Galbraith explained that during a bull market there is a period when an embezzler enjoys his ill-gotten gains, but the victim does not yet know he has lost out. Think of rich Europeans who invested with Bernie Madoff, and spent their… Read More

When the SECURE Act went into effect in 2020, it significantly changed how beneficiaries take required minimum distributions (RMDs). [1] Previously, heirs could take distributions over their life expectancy, per the IRS Uniform Life Table [2]. If the original owner passed away after January 1, 2020,… Read More

By Tan Kai Xian Today we publish our Strategy Monthly chartbook, which argues that after a year of inflation being a singular global factor it is increasingly a variegated effect, region by region. In the United States, inflation remains the dominant economic issue impacting both politics and policymaking, yet… Read More