Market Analysis
Markets and Memes
January 28, 2025
Happy new year to you and your families. Despite the second strong year in a row for markets, some people are feeling pessimistic. As of September 30, 2024, the University of Michigan’s Consumer Sentiment Index1 sat at 70.1, much lower than its long-run average of 85.1.2 Before we get into what this might mean for…
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Investing Is Simple but Not Easy
November 6, 2024
Investing Is Simple but Not Easy1 The market continued its fantastic run in the third quarter of 2024. The S&P…
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A Cat Has Nine Lives
July 25, 2024
The market continued its fantastic run in the second quarter of 2024. But what I should really say is that…
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Behavior
April 25, 2024
After a very strong 2023, markets generally continued to rise in the first quarter of 2024. The S&P 500 rose…
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A Surprising (?) End to the Year
February 5, 2024
It was quite a year. At the start of the year, inflation was at 6.5%. Nearly everyone was predicting a…
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Research and Execution
November 6, 2023
Markets had a difficult third quarter. The S&P 500 finished down 3.3%, while international markets1 were down 4.1%. Year to…
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Statistics | Wisdom, Wealth, and Wellness
June 12, 2023
Good morning, good afternoon, good evening. Depending on the part of the world you’re in. This is Jonathan Satovsky of…
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The Banking System
May 10, 2023
About a month ago, I was planning on testing out ChatGPT by having it write the quarterly commentary this quarter,…
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The Most Anticipated Recession Ever
February 15, 2023
I started the last quarterly letter stating that a common theme in these letters over the last year has been…
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Credit Spreads | Wisdom, Wealth, and Wellness
December 13, 2022
Good morning, good afternoon, good evening. Depending on the part of the world you're in. This is Jonathan Satovsky of…
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