2014: Patience Pays Off

Forecasters often cite a figure of 8% to 10% as a likely outcome for stock market performance in the year ahead, and 2014 was no exception. As sensible as this may sound, it is worth pointing out that ...

Hindsight Bias: Don’t Look Back

How often do you look back at something and believe that you could have predicted it, or that the event seemed so obvious only after it has actually happened? If you fall into this line of thinking, you ...

The Case for Owning International Stocks in 2015

I’ve had a few questions from my clients about why we own international stocks when they are underperforming U.S. stocks.  For those clients who started in 2008 or later, you probably do not remember ...

Client Letter – Q4 2014

During the past year, the best performing asset classes were REITs (real estate) and U.S. large stocks. International stocks were all down between -1% and -7%. The following chart shows the 1-year, 5-year, ...