The letter below is also available as a PDF file HERE. January 30, 2026 2025 Annual Letter 2025 was the year of AI, geopolitics, and tariffs—or at least the threat of tariffs. Those three topics have been the main subjects for the first month of 2026 as well. Stock markets Read more
The letter below is also available as a PDF file HERE. February 24, 2025 2024 Annual Letter 2024 felt like 2023. American stock market indices posted strong returns, led by technology, and the bond market posted a small positive return. It also felt a lot like 2021, which was one Read more
Joe was a guest on the Guardians of Finance Podcast. You can find the interview on Apple, Spotify, Pocket Casts, or another favorite podcast player.
The letter below is also available as a PDF file HERE. February 20, 2024 2023 Annual Letter 2023 was far different than 2022 in the stock and bond markets. After one of the worst years in history that saw stock and bond markets tumble in 2022, stock market indices soared Read more
In my 2022 Annual Letter, published earlier this month, I referenced a statement that I made in my 2021 Annual Letter: “The returns from stocks and bonds during the next 13 years are likely to be much lower than during the last 13 years. With interest rates close to zero Read more
The letter below is also available as a more-readable PDF file, HERE. 2022 Annual Letter 2022 was that rare year when both stocks and bonds declined—and declined significantly. The S&P 500 fell 18.1%, with dividends included, and the more tech-heavy Nasdaq dropped about 32%. The bond market, using the Bloomberg U.S. Read more