Investment Commentary

September 7, 2017

How wise is it to be invested in today’s stock market?

By Robert Brooke Zevin, Chairman, Senior Portfolio Manager

Many people, including a number of our clients, have been concerned in recent weeks that the long stock market rise since 2009 has finally reached unsustainable heights that will soon lead to a crash. Our first priority has always been to avoid or minimize losses in bad markets. Financial markets are always more or less unpredictable and subject to sudden declines. However, we believe the . . . MORE

April 20, 2017

Return of the Dreaded Deadlock?

By Robert Brooke Zevin, Chairman, Senior Portfolio Manager

The primary reason we were optimistic about the outlook for stock markets after the U.S. election was that one party had control of both Congress and the White House, thus hopefully eliminating the plague of Washington deadlock which had crippled President Obama’s policies as well as many previous presidents. Now we are confronting Deadlock 2.0; and it could be even worse than the versions we . . . MORE

January 11, 2017

What Will Happen Next?

By Robert Brooke Zevin, Chairman, Senior Portfolio Manager

Seldom if ever has the pending inauguration of a new American President provided such a bewildering and uncertain array of possible consequences. There are as many areas of danger in Trump’s threats and promises as there are circles of Hell in Dante’s Inferno. For openers, the President-elect has promised to escalate the two most serious threats to the survival of our human species: global . . . MORE

November 9, 2016

Fear and Loathing

By Robert Brooke Zevin, Chairman, Senior Portfolio Manager

The election results have brought many of us to despair and foreboding. Are we now doomed to backslide on discrimination against women, ethnic and religious minorities, immigrants, the LGBTQ community, perhaps anyone in the world who is not a white, male, Christian American? The answer to this question is neither yes nor no. Many of these ugly trends have already been under way for decades: . . . MORE

July 18, 2016

A Referendum on Globalization?

By Stig Zarle, Senior Securities Analyst

The process of globalization, long a source of controversy, is facing increased skepticism from new sides. While globalization has helped to fuel part of the economic growth of the post-World War II era, increased international trade and investment has been questioned by thoughtful, constructive voices that point to legitimate problems with the extension of corporate power without offsetting . . . MORE

December 27, 2015

Our Outlook for 2016 and Beyond

By Robert Brooke Zevin, Chairman, Senior Portfolio Manager

For the past 18 years, we have purposely opted out of the annual investment industry ritual of providing forecasts for the coming year. An important principle of our investment approach has been and remains to avoid having a single forecast for the next year, or any other period of time. Many investment losses are caused by investor confidence that he or she knows what will happen in the future. . . . MORE