“Gleanings”
Sandpiper Capital’s Quarterly Economic and Market Commentary
“Stepping back and letting good companies do what they do best while allowing them time to succeed sure seems better than worrying about the markets.”
“Celebrity managers who made magazine covers and had feature articles about their past performance have seen their flagship funds get trounced as their future performance came to pass.”
“Managing money is a constant exercise in humility. Recent market history, like many other periods before it, has proved vexingly difficult to anticipate and to plan for.”
“If history is precedent, then the 15% per year that the S&P composite made for the ten years ending 2021 might well be followed by a -1% for the period ending in 2031.”
“Currently the market is up while sales growth is down. That worries me.”
“The conclusion of researchers is that simple rules applied diligently will outperform expert judgement routinely and they have a lot of evidence to back that up.”
“It will take some time to get the results that the Fed wants, but inevitably we are headed for even lower spending growth and interest rates.”
January 2018
October 2017
July 2017
April 2017
January 2017
October 2016
July 2016
April 2016
October 2015
July 2015
April 2015
January 2015
October 2014
April 2014
January 2014
October 2013
July 2013
April 2013
January 2013
October 2012
July 2012
April 2012
January 2012
October 2011
July 2011
April 2011
January 2011
October 2010
July 2010
April 2010
January 2010
October 2009
April 2009
January 2009
