Whether avid sports enthusiasts or casual observers, there are few across the United States who fail to recognize the name Caitlin Clark after this past March. The college basketball star competed in last month’s NCAA Women’s March Madness tournament, contributing to record-breaking viewership and propelling the Iowa Hawkeyes to the Finals. Caitlin became a national sensation as the holder of the NCAA career scoring record, across both men’s and women’s divisions, with 3,951 points. She also notably played in the three most-watched women’s games on record. Last month’s March Madness Finals, th ..read more

The cargo ship, Dali, recently struck the Francis Scott Key Bridge in Baltimore, resulting in the tragic loss of six lives. The Port of Baltimore was forced to shut down temporarily – a significant event given Baltimore is the ninth busiest US cargo port. The Port leads the US for the volume of automobiles and light trucks handled and specializes in “roll on, roll off” cargo. Consequently, the commercial effects of the closure will be felt most significantly by the automobile industry, including heavy machinery, as well as the coal industry. About a quarter of all seaboard US coal shipments we ..read more

Commercial real estate is a diverse asset class. Its various sectors experience different trajectories. While certain sectors, such as multifamily housing, have thrived before and during the pandemic, the retail sector, particularly shopping malls, has faced major headwinds. The surge in e-commerce looked poised to make malls a thing of the past. Over recent decades, the retail sector has experienced a steady decline, with the number of malls in the US decreasing from around 2,500 in the 1980s to approximately 1,150 today. Typically, malls involve multi-tenant structures anchored by major reta ..read more

Once the darling of the commercial real estate market, Class A multi-family properties are currently in a bit of a slump. A combination of changes in market cycle factors has prompted the sector to stumble for the first time in many years. There is now a lot of challenging work to be done in a market sector that was firing on all cylinders as recently as 2022. The current challenges in the rental housing market are mostly self-inflicted. Following the immediate aftermath of the COVID recession and a return to easy money lending policies, builders of multi-family properties saw strong upside in ..read more

A news cycle is traditionally defined as the period between when you get the latest information and what your reaction is to that information. When I started my career, the news cycle was daily. The information you needed was delivered in your daily newspaper. One would read the print edition of the Wall Street Journal and find various bits of news that would affect stocks and bonds, and investors could make decisions based on their conclusions. But in today’s digital age, the news cycle is measured in milliseconds. This can create confusion for investors. The news cycle in the 1600s was an ex ..read more

In 1852, Scottish journalist Charles Mackay wrote Popular Delusions and the Madness of Crowds. In his book, Mackay chronicled financial manias through history, including the 17th-century Dutch Tulip Mania bubble. He showed the consistency of human behavior when it comes to greed and fortune. Is another bubble brewing in today’s artificial intelligence (AI) sector? NVIDIA Corporation just surpassed a $2 trillion market capitalization and sits only behind Microsoft and Apple in terms of valuation. The stock price for NVIDIA has increased 66% so far this year. Last year, it surged 239%.  Tod ..read more

Bad habits can sometimes be hard to break. One bad habit in investment analysis is using cost basis to judge performance. The point of this note is to explain why it is a bad idea and a habit in need of breaking. It is natural to wonder, how are my investments doing? The question might come up as you periodically review your accounts. It seems intuitive that you could simply compare today’s value of any investment with its cost basis to assess how the investment is performing. The problem with this intuitive approach is the treatment of income, dividends, and capital gains. Cost basis is not d ..read more

I’ve just returned from an enriching two-week journey to Japan alongside my son, and my mind is brimming with newfound perspectives gleaned from immersing ourselves in another culture and world. Our expedition began in Hiroshima, where we were profoundly moved by our visit to the Peace Memorial Park, bearing witness to the poignant reminders of the devastating aftermath of nuclear warfare. It was a sobering experience, a humbling reminder of the fragility of our global community. Our adventure continued onto the southern island of Kyushu, where we embarked on a transformative six-day sojourn w ..read more

2/12/2024 This past weekend, the eyes of most Americans (and many people across the world) were fixed on Las Vegas. The self-styled ‘Entertainment Capital of the World’ hosted what is arguably the largest single sporting event of the year: the Super Bowl. This version, number LVIII, saw the Kansas City Chiefs beat the San Francisco 49ers, but we went looking for a few “fun facts” surrounding the event: Roman numerals are used to identify the Super Bowl every year. The only exception is “Super Bowl 50,” which was played in February 2016. Initially known as the “AFL – NFL Championship Game,” th ..read more

The new year brings tax and retirement changes. Here is a summary of the most relevant and a look forward to the very important changes that are ‘on the books’ to take effect in 2026. 2024 Changes Income Tax Newly adjusted federal tax brackets and standard deduction amounts can be found here – https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024. 17 states cut income tax rates this year. Georgia moved to a flat tax and collapsed its six tax brackets into one rate of 5.49%. The state’s standard deduction of $5,400 for single filers, and $7,100 for married filers ..read more