RESOURCES

Economic and Valuation Update - looking at tariffs, economic trends and valuation levels. Educational spotlight looking at how modern portfolio theory informns portfolio construction. Book Review - Antti Ilmanen's "Investing Amid Low Expected Returns".

The S&P 500 (as measured by SPY) returned 15.21% in the first half of the year. This would be an excellent full-year return. It’s always good to look at what drives a return. Strong earnings growth that is sustainable demonstrates that actual value has been created by the companies in the index, while an increase in the valuation investors are willing to pay today for future earnings merely pulls forward future returns into the current period.

Quarterly letter with Market update, Personal update, Business update, Personal improvement and book review.