Keller Quarterly
Keller Quarterly (January 2022)
Letter to Investors | PDF As I write this letter, stock markets around the world have spent much of the last three weeks selling off sharply. After peaking on January 4, the S&P 500 has fallen over 12% from that high. This, after it returned over 28% last year (including dividends). In fact, most indices… Read More »
Keller Quarterly (October 2021)
Letter to Investors | PDF Before I begin to tap on the keyboard and write these quarterly letters, I always pick up the last few letters to remind myself what I recently wrote. I don’t want to appear ignorant of past comments, nor do I want to ignore a prognostication that proved to be incorrect.… Read More »
Keller Quarterly (July 2021)
Letter to Investors | PDF Judging by the questions we’ve received in the last couple of months, the stock and bond markets have confused many. This is OK. Trying to explain why the markets have recently done something is an impossible task. In a former life I was regularly asked by business reporters why the… Read More »
Keller Quarterly (April 2021)
Letter to Investors | PDF Here we are again, with the U.S. stock market rising nicely and hitting new highs. I am getting two questions almost daily. The first is: “Is this real?” That’s a way of asking, “Can you trust this rally?” Our firm has, since the middle of last year, been consistent in… Read More »
Keller Quarterly (January 2021)
Letter to Investors | PDF There is an adage I repeat to my colleagues during every election cycle (of which I’m sure they’ve long ago grown tired): “We don’t get to manage money in the world we wish we had, we can only manage money in the world we have.” Every four years approximately half… Read More »
Keller Quarterly (October 2020)
Letter to Investors | PDF Every four years, investors contemplate the upcoming presidential election and begin to worry in earnest that it will turn their world upside down. I hear from clients that their financial plans will all come crashing down if the “wrong” person is elected. Now, I realize that elections have consequences, and… Read More »
Keller Quarterly (July 2020)
Letter to Investors | PDF Thus far, the year 2020 has not been one most of us would like to repeat. A pandemic, a sharp and deep recession, social distancing, civil unrest, and political uncertainty have left most people, much less investors, with severe anxieties. I’ve mentioned before that a professional investor is, or should… Read More »
Keller Quarterly (April 2020)
Letter to Investors Today I write this quarterly client letter in the midst of a recession, one that three months ago I did not see coming. As noted in our January letter (and even italicized): We cannot predict the future. I suspect we have proved that by now. Successful long-term investing does not depend on… Read More »
Keller Quarterly (March 16, 2020)
Letter to Investors The last three weeks of financial market turbulence have been among the most harrowing I’ve ever seen. To my memory it’s been a combination of October 1987 and October 2008, two months I’d prefer to forget. While the stock market was dropping sharply and quickly, U.S. Treasury bonds were soaring almost as… Read More »