How To Think About Recent Fireworks, Two Possible Paths Next Year & The Ultimate Beauty In Ugly Markets (video)

Dear Clients, this morning's commentary is VERY important to take in... start to finish...  Thanks!

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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.

Quick look at near term prospects, and things to look forward to. (video)

Dear Clients, please take a few minutes and take in today's brief video commentary.

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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.

Resoundingly Mixed Picture (video)

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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 2024 Year-End Letter, Part 2: Goldilocks Caught Between a Rock and a Hard Place

Staying with the topic of US stocks for the moment: We can assume, with confidence, that the durability of the current bull market is largely due to the overwhelming consensus among investors that an economic "soft landing," and, with it, ever-rising corporate profits is essentially at hand.

A soft landing for stocks would presumably mean continued higher prices amid declining bond yields -- the proverbial best of both worlds, or, let's say, the ideal Goldilocks scenario.

PWA 2024 Year-End Letter, Part 1: Rules, Risks, US Equities, and Stuff That Truly Counts

The Essential Rules of Investing:

1. Risk Control First: Focus on managing downside over chasing upside. 

2. Value Over Price: Buy for less than something’s worth. Quality means nothing if you overpay. 

3. Long-Term Patience: Success doesn’t happen on a schedule. 

--Howard Marks

Or, simply:

Rule #1. Never lose money.

Rule #2. Never forget rule number #1.

--Warren Buffett 

And the question we (at PWA) must answer yes to every single day: