2025 Q2 Letter
Financial market volatility was a key theme throughout the second quarter of 2025. BetweenApril 2nd and April 8th, U.S. stocks, as measured by the S&P 500, dropped over 12%, extendinglosses experienced at the end of the first quarter and resulting in a near 20% decline fromprior highs. This correction proved to be short-lived, however, as […]
2025 Q1 Letter
After two very good years for investors, financial markets began to experience elevatedvolatility in the first quarter of 2025. U.S. stocks, which have led global markets for a while now,were negative for the quarter. Large-cap U.S. stocks, as measured by the S&P 500, declined by4.6% (excluding dividends) in the quarter, and small-cap stocks (Russell 2000) […]