Oracle's Shot Across the Bow, and Other Important Stuff (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

PWA Year-End Letter, Part 1: Not Yet to the Tears Stage

While, indeed, nearly all things live in a perpetual state of change (save I suppose for human (investor) nature; it follows very predictable patterns IMO), the "Essential Rules of Investing" featured in last year's Part 1, and the "essential characteristics" from every Part 1 for several years running hold firm, perpetually.

So here they are:

A Very Quick Look at the Charts, Rate Cut Odds, the Latest Jobs Data, etc. (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Thinking About Next Year (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

It's All About the Fed Right Here (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Important Stuff! (video)

Dear Clients, this is one to watch! 😎

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

This Morning's Log Entries: Not So Fast!

11/20/2025

Equities are rallying hard this morning on NVDA’s positive report, although off of earlier highs… The delayed Sept jobs data was released this morning, which showed a surprise 119k payroll increase, although the unemployment rate rose to 4.4%, LFP unchanged… AHE was up .2%, 3.8% y/o/y (a little soft), workweek flat at 34.2  hours… July and August were revised down by 33k jobs.. August actually now shows a job loss of 4.4k…