15 October 2024 Politics and Fundamentals Dear Friend: Every four years as the U.S. Presidential election approaches, clients often express concerns about how to position their portfolios, with suggestions ranging from selling everything to buying certain sectors based on perceived policy benefits. At Noesis, we closely monitor global politics but believe its long-term impact on the economy is overstated. .... Continue Reading
16 juli 2024 Unleashing the Potential of AI to Your Portfolio Dear Friend: Artificial Intelligence (AI) continues to reshape industries, driving innovation and transforming traditional business models. In this newsletter, we explore how three companies in our core holdings — JP Morgan Chase, Royal Caribbean Group, and The Walt Disney Company — are harnessing AI to revolutionize their operations .... Continue Reading
January 10, 2024 Don’t Fall For These Traps! Dear Friend: Over the years, we have communicated with you through the Noesis quarterly newsletters, in-person meetings, and phone calls regarding topics that dominated the news. On December 18, 2023, the Wall Street Journal published an article, “What the Stock Market Taught Us This Year: Don’t Fall for These Traps,” saying that investors have been more influenced .... Continue Reading
October 11, 2023 Inflation and Interest Rates Dear Friend: The topic of inflation and interest rates remained top of mind for investors throughout this year and last. We will discuss recent developments, their impact on fixed income and equity markets, as well as opportunities we have identified. Since March 2022, the Federal Reserve (Fed) has raised its short-term interest rate, the federal funds .... Continue Reading
July 13, 2023 Executing Your Financial Plan and Expanding the Noesis Family Dear Friend: It is summer in the Northern Hemisphere, and we hope that you are enjoying the warmer months and longer days with family and friends. We recently celebrated the Fourth of July in the United States, but we were not the only ones partaking in the 247th Independence Day. Our .... Continue Reading
April 17, 2023 Risk Management and Investment Discipline Dear Friend: The most significant event in the first quarter of 2023 was the failure of two U.S. banks on March 9 and the subsequent panic in the U.S. regional banks. Fortunately, the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) took swift action to calm the market and depositors. The .... Continue Reading
October 18, 2022 The Challenge and Opportunity of Inflation Dear Friend: It has been a year since we discussed the supply chain issue, labor shortage, ongoing pandemic, China slowdown, and inflation. Some of the challenges persist and continue to cause colossal volatility in the stock markets. The recent focus has been on inflation and the central banks’ actions to tame it. Inflation was .... Continue Reading
July 18, 2022 BEAR Markets, Speculators in Cryptoassets Lost $2,000,000,000,000 This Year Dear Friend: This summer I wanted to write about market volatility and investor behavior in down markets, and then I remembered that we discussed these topics in Noesis’ July 2014 newsletter. Our message is the same now as it was in 2014. Re-reading this newsletter, I realized that I cannot improve .... Continue Reading
April 15, 2022 Focus on What to Own Dear Friend: Our colleague Michiel Scholten, who runs our Dutch office in Amsterdam, will discuss Russia’s invasion of Ukraine in the first part of this quarterly letter. Being geographically closer to the conflict makes him well-suited to write about this war and its consequences. The second part of our newsletter will focus on the meme .... Continue Reading
January 19, 2022 Outlook for 2022 Dear Friend: Review of 2021 We wrote the following at the beginning of 2021: “The tug of war between greed and fear was definitely on display in 2020.” A similar situation occurred in 2021. The ample money supply in the financial system has raised the price of everything – including stocks, houses, cars, and daily consumable goods. .... Continue Reading