Risk and Return

The Permanent Portfolio's Temporary Appeal

October 23, 2025 — A number of clients have asked us about a recent Buttonwood column describing the "Permanent Portfolio" strategy. Are appealing returns enough to override the basics of asset allocation?

Risk and Return

The Impact of U.S. Stock Buybacks: Theory vs Practice

October 6, 2025 — U.S. stock buybacks are on track for a record in 2025 - but they also raise important questions.

Risk and Return

Un-Exceptional US Stock Market Earnings?

August 12, 2025 — To what extent has the exceptional US stock market performance been due to US companies riding a strong wave of real GDP growth to generate exceptional earnings growth?

Risk and Return

How to invest your enormous inheritance

July 1, 2025 — What do you stand to inherit? It still feels like a question from a different age, despite its growing importance today.

Risk and Return

Decoding the Bond Market

June 9, 2025 — Bond markets are a valuable source of information about the future. If you believe in the wisdom of crowds - particularly when the crowd is big, has lots of money and tends to focus on cash flows rather than blithely extrapolating future returns from the past - then you'll want to know what the bond market crowd has to say.

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