From Intelligence to Impact: The AI Agentic Era April 15, 2026 Dear Friend, In the time it takes to write this newsletter, the AI landscape shifts again. That is the reality of covering a field evolving at breakneck speed and why capturing this moment matters. Howard Marks, one of the investors we most admire, recently addressed this in his memo AI Hurtles .... Continue Reading

15 april 2025 Learning, Adapting and Sharing in the AI Era Dear Friend: Many might expect this quarter’s newsletter to discuss tariffs, wars, and market correction. Although the recent tariff announcements are concerning, we are carefully evaluating the implications and analyzing how we can turn uncertainty into opportunity. As we have often said, volatility is our friend. Our focus remains .... Continue Reading

Fundamental Research with Contrarian Strategy Dear Friend: Last year, the S&P 500 index was led by the outperformance of the Magnificent Seven (Apple, Amazon, Google, Meta, Microsoft, Nvidia, and Tesla). The concentration of the Magnificent Seven was one of the highest in history, with these stocks making up about 30% of the S&P 500. The question being asked now .... Continue Reading

30 Years of Noesis: Learning from the Past, Building for the Future July 15, 2025 Dear Friend: This fall, Noesis turns 30. It is a moment that invites both reflection and celebration — not only for what we have achieved as a firm, but also for the lasting relationships that have shaped our journey. When Noesis was founded in 1995, .... Continue Reading

2025 Year-End Review: Strategic Purchases and Anniversary Milestones January 15, 2026 Dear Friend: As we look back on 2025, the year was shaped by policy shifts, elevated volatility, and the resilience of the U.S. economy. The stock market delivered another strong year, with the S&P 500 finishing up 16.4%, marking a third consecutive year of double-digit returns. Performance was supported .... Continue Reading

Dear Client: A Global Perspective Focused on You In this edition we highlight our colleague Christian’s trip to the Chartered Financial Analyst (CFA) Institute conference in London and our exciting news in Europe – the opening of our office in Amsterdam. Nico will tell us more details about it, but first, here is Christian to describe the conference: This year’s CFA conference was .... Continue Reading

October 15 2025 Stock Prices Tend to Move in Line with Earnings Dear Friend: The U.S. equity market performed well from its low in April, raising questions about whether we are approaching exuberant levels. There are fundamental reasons supporting the market’s strength, particularly strong corporate results. Revenue for all companies in the S&P 500 Index grew .... Continue Reading

Thinking about retirement? Whether you're planning to stay in the Netherlands, return to the U.S., or settle somewhere new, it’s never too early (or too late) to get your financial strategy right. The Amsterdam American Business Club, along with her sponsors, BNC Tax & Accounting B.V. and  Noesis Capital Management hosted a special tax & retirement strategies panel discussion event at the historic .... Continue Reading

July 25 2025 Learning from the Past, Building for the Future Dear Friend: This fall, Noesis turns 30. It is a moment that invites both reflection and celebration — not only for what we have achieved as a firm, but also for the lasting relationships that have shaped our journey. When Noesis was founded in 1995, .... Continue Reading

15 January 2025 Focus on Fundamentals Instead of Forecasting the Future Dear friend: As we close the books on 2024, it is a good time to reflect on the past year and carry key lessons into 2025. The end of each year often brings an influx of market predictions from Wall Street analysts and economists. While these forecasts can .... Continue Reading