INSIGHTS
Thoughts, insights and opinions from our team of investment experts.
Latest

Randall Abramson, CFA Newsletter Excerpts
Most don’t practice value investing—instead relying on buy and hold, momentum, or index strategies, all much easier on the psyche in the short term. To us, it’s simple common sense to embrace mean-reversion strategies—those offering better upside potential, especially during a period when most securities have downside risk since they are already at or above FMVs.
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Investment Process
Tall Expectations Warrant Short Exposure
RJ Steinhoff, CFA Investment Process
Many indicators of past economic slowdowns are now sounding an alarm. Yield curves in most major economies around the world are inverted. Despite these bright red lights, investors appear sanguine.
Expecting High Expectations to Fall
RJ Steinhoff, CFA Investment Process
Meme-stocks such as AMC and GameStop have been cut in half from their summer-highs. Much-hyped technology stocks like Palantir, Zoom, and Peloton are down significantly. Even still, large-cap U.S. equities remain expensive with embedded growth expectations too high. As a result, navigating the markets recently has required extra patience and discipline. We sleep better knowing that we are partially hedged in case today’s elevated expectations are quickly tempered and normalized valuations again prevail.
Economy
No Signs of Recession–Yet
The economic picture has blurred recently. Despite a murky outlook, our U.S. TECTM monitor has yet to signal the end of the current economic cycle.
Yield Curve Catching Up
The steepening curve and shift from technology and momentum stocks to financials and cyclicals should offer increased confidence in the economic outlook. Put simply, the yield curve is playing catch up to the mounting evidence that the recovery is on more solid footing.
Personal Finance & Wealth Management
- Economy
- Expert Series
- Investment Process
- Newsletter Excerpts
- Personal Finance & Wealth Management
- Randall Abramson, CFA

Michelle Tatham, CIM, CFP Personal Finance & Wealth Management
In some parts of the country they’re referred to as cottages. Others call them cabins or chalets. No matter the label, owners of recreational properties have been feeling especially fortunate recently to have another place for a change of scenery. Families should contemplate the eventual tax implications of selling a cottage or passing it on to the next generation.

Michelle Tatham, CIM, CFP Personal Finance & Wealth Management Michelle Tatham
Many advisors are polarized in their belief of which registered account is best, often because of a bias or assumptions made without proper planning. The truth is, both have unique advantages and disadvantages and both should be fully utilized where possible.
Meet the Expert Series

RJ Steinhoff, CFA Expert Series
Integrated into all of our growth and income strategies, the principal goal of our risk management system is to mitigate the market corrections that generally follow business cycle peaks, periods of market euphoria, or events such as the 2010 European debt crisis.
Newsletter Excerpts
Aversion to Reversion
Randall Abramson, CFA Newsletter Excerpts
Most don’t practice value investing—instead relying on buy and hold, momentum, or index strategies, all much easier on the psyche in the short term. To us, it’s simple common sense to embrace mean-reversion strategies—those offering better upside potential, especially during a period when most securities have downside risk since they are already at or above FMVs.
The Long and Short of It
Randall Abramson, CFA Newsletter Excerpts
The rise in interest rates has been felt across the U.S. economy. Commercial and Industrial loan growth is declining, for the first time since 2020. And it began declining before the recent U.S. bank failures, which were 3 of the 4 largest of its kind. We will continue to hone our short game—hedging portfolios—while playing the long game—owning high-quality companies we expect to grow their earnings and underlying valuations.
Are We Having a Recession Or Not?
Randall Abramson, CFA Newsletter Excerpts
Globally, growth is waning, though at a tepid pace because of the prior avalanche of government stimulus, rebuilding of supplies, and extremely low unemployment. Will central bank restraint lead to a mere petering out of growth, if inflation is quickly perceived to have been ameliorated, or is recession inevitable from one of the fastest tightening responses on record?
Up and Down
Randall Abramson, CFA Newsletter Excerpts
And up and down. Like a toilet seat, yo-yo, a game of Snakes & Ladders, not straight up and down like an elevator, but more like the ups and downs of a rollercoaster—that’s how the financial markets have felt lately. Unusually volatile, reacting to headlines related to inflation, rising interest rates, declining corporate earnings, layoffs, Ukraine, and covid-shutdowns in China. Emotions have been pushing markets up and down, while underlying fundamentals worsen.
Depressing the Optimists
Randall Abramson, CFA Newsletter Excerpts
Our glass is typically half full. Lately, the contents have been evaporating. What would fill it again? Either a substantial market decline lowering valuations, or a sudden reduction in core inflation levels along with a commensurate decline in interest rates. Neither are likely to occur in the short term. Though valuations have compressed from their highs, further deterioration is expected as the economic backdrop worsens.
What Does a Yellow Light Mean?
Randall Abramson, CFA Newsletter Excerpts
Most believe we are destined for a recession, if not already in one. Between the negative sentiment and the stock price valuation reset that needed to take place, it’s not surprising that the markets have meaningfully softened. While the economy is clearly slowing, we do not foresee an imminent recession.
Blueberries, Blowups and Babies
Randall Abramson, CFA Newsletter Excerpts
Our recent mantra has been “Sell the rallies” not “Buy the dips” because we’ve been expecting much more than a dip. That’s not to say that we’ve been expecting a recessionary-based bear market—prolonged and pronounced negative returns while underlying values are falling. We’ve been anticipating a correction, albeit maybe a substantial one, since prices started falling from levels that were above our estimate of fair market value (FMV).
Right Place Wrong Time
Randall Abramson, CFA Newsletter Excerpts
We sleep well at night knowing that we are partially hedged and that our holdings are growing, high-quality companies that, unlike the overall market, trade at substantial discounts to our estimates of FMV. We remain concerned about several factors, primarily high market valuations, which could trigger a market decline and reestablish a wall of worry.
What a Weird World
Randall Abramson, CFA Newsletter Excerpts
On rare occasions the market takes on a speculative bent as animal spirits run amok. For us value investors, during these periods, it’s always hard to believe that the others, whose behaviour is so odd to us, are competing in the same field. Why would anyone ignore fundamentals, buy purely on price, chase what’s already gone way up, use highly-speculative instruments, assume extreme leverage, or worst of all, purchase something that’s hugely popular—gone viral—a ‘meme’ stock?
Zooming to Booming
Randall Abramson, CFA Newsletter Excerpts
The economy, now booming thanks to massive government stimulus and zero interest rates, should accelerate further in the near term as pent-up demand is unleashed. There are notable concerns which could cause the markets to ebb—especially since stocks in general are priced for perfection.
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INSIGHTS
Thoughts, insights and opinions from our team of investment experts.
Latest

Randall Abramson, CFA Newsletter Excerpts
Most don’t practice value investing—instead relying on buy and hold, momentum, or index strategies, all much easier on the psyche in the short term. To us, it’s simple common sense to embrace mean-reversion strategies—those offering better upside potential, especially during a period when most securities have downside risk since they are already at or above FMVs.
Subscribe
Receive Insights from our team of investment experts directly to your inbox.
The Long and Short of It
Randall Abramson, CFA Newsletter Excerpts
The rise in interest rates has been felt across the U.S. economy. Commercial and Industrial loan growth is declining, for the first time since 2020. And it began declining before the recent U.S. bank failures, which were 3 of the 4 largest of its kind. We will continue to hone our short game—hedging portfolios—while playing the long game—owning high-quality companies we expect to grow their earnings and underlying valuations.
Tall Expectations Warrant Short Exposure
RJ Steinhoff, CFA Investment Process
Many indicators of past economic slowdowns are now sounding an alarm. Yield curves in most major economies around the world are inverted. Despite these bright red lights, investors appear sanguine.
Are We Having a Recession Or Not?
Randall Abramson, CFA Newsletter Excerpts
Globally, growth is waning, though at a tepid pace because of the prior avalanche of government stimulus, rebuilding of supplies, and extremely low unemployment. Will central bank restraint lead to a mere petering out of growth, if inflation is quickly perceived to have been ameliorated, or is recession inevitable from one of the fastest tightening responses on record?
Up and Down
Randall Abramson, CFA Newsletter Excerpts
And up and down. Like a toilet seat, yo-yo, a game of Snakes & Ladders, not straight up and down like an elevator, but more like the ups and downs of a rollercoaster—that’s how the financial markets have felt lately. Unusually volatile, reacting to headlines related to inflation, rising interest rates, declining corporate earnings, layoffs, Ukraine, and covid-shutdowns in China. Emotions have been pushing markets up and down, while underlying fundamentals worsen.
Depressing the Optimists
Randall Abramson, CFA Newsletter Excerpts
Our glass is typically half full. Lately, the contents have been evaporating. What would fill it again? Either a substantial market decline lowering valuations, or a sudden reduction in core inflation levels along with a commensurate decline in interest rates. Neither are likely to occur in the short term. Though valuations have compressed from their highs, further deterioration is expected as the economic backdrop worsens.
What Does a Yellow Light Mean?
Randall Abramson, CFA Newsletter Excerpts
Most believe we are destined for a recession, if not already in one. Between the negative sentiment and the stock price valuation reset that needed to take place, it’s not surprising that the markets have meaningfully softened. While the economy is clearly slowing, we do not foresee an imminent recession.
No Signs of Recession–Yet
The economic picture has blurred recently. Despite a murky outlook, our U.S. TECTM monitor has yet to signal the end of the current economic cycle.
Blueberries, Blowups and Babies
Randall Abramson, CFA Newsletter Excerpts
Our recent mantra has been “Sell the rallies” not “Buy the dips” because we’ve been expecting much more than a dip. That’s not to say that we’ve been expecting a recessionary-based bear market—prolonged and pronounced negative returns while underlying values are falling. We’ve been anticipating a correction, albeit maybe a substantial one, since prices started falling from levels that were above our estimate of fair market value (FMV).
Expecting High Expectations to Fall
RJ Steinhoff, CFA Investment Process
Meme-stocks such as AMC and GameStop have been cut in half from their summer-highs. Much-hyped technology stocks like Palantir, Zoom, and Peloton are down significantly. Even still, large-cap U.S. equities remain expensive with embedded growth expectations too high. As a result, navigating the markets recently has required extra patience and discipline. We sleep better knowing that we are partially hedged in case today’s elevated expectations are quickly tempered and normalized valuations again prevail.
Right Place Wrong Time
Randall Abramson, CFA Newsletter Excerpts
We sleep well at night knowing that we are partially hedged and that our holdings are growing, high-quality companies that, unlike the overall market, trade at substantial discounts to our estimates of FMV. We remain concerned about several factors, primarily high market valuations, which could trigger a market decline and reestablish a wall of worry.