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    Thought Leadership

    Insights from Tocqueville

    The Bell Curve

    By Robert Kleinschmidt on March 31, 2022

    The most likely longer-term outcome is the eventual victory of an exhausted Russia in Ukraine, followed by a long, partial, contested and inconclusive occupation, not unlike the one experienced in Afghanistan, by both Russia and the U.S.   An exhausted and hobbled Russia would hardly be a plus to the global economy, but markets would eventually get used to this outcome and go back to focusing on the traditional economic and political parameters.  This is the most bullish of scenarios, as well as the most likely, and the one most consistent with our investment philosophy, but it does not seem to have been priced into the market as of yet. 

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    To The Power Of…

    By Alexander Stock on December 21, 2021

    Elementary school math classes often begin with the core facets of arithmetic: addition, subtraction multiplication and division. Derivatives come later, in the middle school years: exponents, factorials and PEMDAS[1], show how big numbers can get, quickly. Coupling this basic math with portfolio management and stock investing can yield attractive results. Specifically, compounding is a focal …

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    Down is Far From Being Out

    By John Petrides on September 23, 2021

    If there is one thing investors should have learned since the Great Recession it is that simply because stocks sell off does not mean they are down for the count. The list is long and extensive as to what has added volatility to the stock market not only during, but post, 2009. How many times …

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    Picking Up Nickels in Front of Steamrollers

    By Heather Perlmutter on June 7, 2021

    Over the past twelve months or so, concerns among global investors have shifted dramatically from that of a possible economic depression to heightened inflation. The maestros leading this cacophony of sentiment change have been global central banks flooding the world with liquidity, governments injecting massive stimulus directly into the economy, and now continued progress toward …

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    A View on China and Implications for (Un)-Biased Investing

    By Alexander Stock on March 30, 2021

    When I arrived in Hong Kong five years ago, I was enamored by images outside my window in the distance of neat rows of Chinese primary school children in uniform singing the March of Volunteers as the Five-starred Red Flag was raised in the courtyard.  I asked myself: was this not the same as Americans …

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