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    Thought Leadership

    Insights from Tocqueville

    Reflections on the Past as Prologue

    By Joseph Piropato on January 3, 2018

    At the beginning of a New Year there is a tendency, particularly among Wall Street prognosticators, to review the recent past and extrapolate its trends into the near future. At this time twelve months ago  many were projecting a continuation of slow but steady growth for the economy, perhaps a little better than that due …

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    Letter to the Clients

    By Robert Kleinschmidt on January 27, 2017

    Dear Clients, Now that the elections are mercifully behind us, the markets should be able to focus on fundamentals, which are, as of this writing, neither terribly positive nor terribly negative. Over the next 12 months, we would expect, so long as U.S. growth continues, that interest rates will rise gradually at first, but then, …

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    Trump’s Victory: What Does it Mean for Gold?

    Trump’s Victory: What Does it Mean for Gold?

    By John Hathaway on November 21, 2016

    In our view, the systemic risks that existed prior to the presidential election have not suddenly vanished. Most important among these is a massive bond-market bubble. Close behind, equity valuations remain at historically extreme levels. How the new administration deals with these vexing issues, assuming that it even begins to comprehend them, is a complete …

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    What’s So Great About Private Equity?

    What’s So Great About Private Equity?

    By Robert Kleinschmidt on March 31, 2016

    Over the past few decades, private equity has gained cachet among investors much the way hedge funds did in an earlier era. Many of today’s investors believe that private equity represents a new and superior asset class. But it is neither. Far from new, it is the oldest form of equity investing. As for superiority, …

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    This Is Why You Hire Us: The ABCs of Wealth Management

    This Is Why You Hire Us: The ABCs of Wealth Management

    By Robert Kleinschmidt on February 12, 2016

    A. Keep Calm and Carry On The tumult in global equity markets has been so sudden and so violent that it has left many observers breathless.  “What in the world,” many investors want to know, “is going on?” The answer?  No one really knows.  This admission is not a bad thing.  Among other salutary characteristics, …

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