Keller Quarterly

Keller Quarterly (January 2024)

Letter to Investors | PDF About 125 years ago, a reporter spied J.P. Morgan on the streets of New York and ran over to get a prediction and a quote. “What will the stock market do?” the reporter asked the great banker and investor. “It will fluctuate,” was Morgan’s droll reply. The reporter dutifully reported… Read More »

Keller Quarterly (October 2023)

Letter to Investors | PDF One quarter ago I discussed the inadvisability of living in the future (or the past), at least as far as investing goes. Much better, we said, to stay in the present, investing in what is, not what if. Today we deal with the difficulty of investing in the present. The… Read More »

Keller Quarterly (July 2023)

Letter to Investors | PDF At least once a decade, the stock market vibrates with excitement over a new technology and, in this revelry, the stocks of any company close to that technology separate themselves from the rest of the market as a rocket separates itself from the ground. That remarkable upward surge in stock… Read More »

Keller Quarterly (April 2023)

Letter to Investors | PDF Here we are, three and a half months into 2023: the Fed is still raising interest rates; a recession is widely expected to take hold this year; we have a banking crisis; the war between Russia and Ukraine continues to rage after more than a year; and the U.S. and… Read More »

Keller Quarterly (January 2023)

Letter to Investors | PDF A new year is underway, and we wish you and yours all the best in 2023! The stock market certainly seems to be optimistic about the new year: the S&P 500 is up 4.1% through its first full two weeks of 2023 and it’s up 14.5% from the 52-week low… Read More »

Keller Quarterly (October 2022)

Letter to Investors | PDF Summer has concluded and we’re starting to feel the chill of winter.  For reasons that I’ve never fully understood, the stock market “feels a chill” this time of year also.  More often than not, September produces a negative return for U.S. stocks, and this September was no exception.  For some… Read More »

Keller Quarterly (July 2022)

Letter to Investors | PDF The stock and bond markets continue to act as if a recession is imminent. “Why might a recession come upon us?” you might ask. “Isn’t the unemployment rate very low?” Yes, it is. While rising inflation has caused folks to defer purchases, the economy is still doing rather well. The… Read More »

Keller Quarterly (April 2022)

Letter to Investors | PDF Well, let’s count the things people are worrying about: we’re over two years into a global pandemic, commodity prices are spiking upward, consumer price inflation has risen dramatically, the Fed is raising interest rates, recession worries are spreading, and there’s a war in Europe. I am asked almost every day,… Read More »

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 »

1 2 3 5