“Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty-such as in the fall of 2008-drives securities to especially low levels, they often become less risky investments.” – Seth Klarman, The Baupost Group “The Forgotten Lessons of 2008”
“This current banking crisis involves far fewer financial players and fewer issues that need to be resolved.” – Jamie Dimon, JP Morgan Chase & Co. Annual Letter to Shareholders – March 2023
We feel one of our most important responsibilities is to communicate with you frequently about the markets, what we are paying attention to, as well as to provide planning insights to enhance your overall financial well-being. In the past, we have provided you with a deep dive into our portfolios alongside market data on a quarterly basis. As we mentioned in our 2022 Year End Letter, we will be adjusting the content of our quarterly letters to ensure that we are touching upon other important aspects of your financial life, while continuing to provide in depth commentary on our portfolio holdings in our Mid and Year-End Letters. The Q1 2023 letter will be the first one of these. In this letter you will find first quarter market data, a brief commentary on the disruption in the banking sector, as well as a piece from our Financial Planning team on digital assets and estate planning. So, while we may be changing the format of our quarterly letters, we remain dedicated to our philosophy about investing, our focus on financial planning, and our commitment to our clients.
Read our full investment commentary and letter to clients by downloading the first quarter 2023 letter.