Archived Memos

2022

Selling Out

2021

The Winds of Change
Thinking About Macro
2020 in Review
Something of Value

2020

Coming into Focus
Time for Thinking
The Anatomy of a Rally
Not Enough
Uncertainty II
Uncertainty
Calibrating
Which Way Now?
Latest Update
Nobody Knows II
You Bet!

2019

2017

Yet Again?
Lines in the Sand
Expert Opinion

2016

Go Figure!
Political Reality
Economic Reality
On the Couch

2015

It’s not Easy
Risk Revisited Again
Liquidity

2014

The Lessons of Oil
Risk Revisited
Dare to Be Great II
Getting Lucky

2013

The Race Is On
High Yield Bonds Today
Ditto

2011

It's All Very Taxing
Down to the Wire
On Regulation

2010

All That Glitters
Open and Shut
Hemlines
It’s Greek to Me
Warning Flags
I’d Rather Be Wrong
Tell Me I’m Wrong

2009

Touchstones
Will It Work?
The Long View

2008

Plan B
Nobody Knows
What Worries Me
Doesn’t Make Sense
The Aviary
The Tide Goes Out
Whodunit
Now What?

2006

Pigweed
The New Paradigm
Dare to Be Great
You Can’t Eat IRR
It Is What It Is
Risk

2004

Risk and Return Today
The Happy Medium
Us and Them
Hey, Steward!!

2003

The Feeling's Mutual
What's Going On?
Whad’Ya Know?

2002

Etorre's Wisdom
Quo Vadis?
The Realist's Creed
Learning From Enron

2000

1999

How's the Market?

1995

1991

1990