As we mark the 10th anniversary of Hilton's Dividend and Yield Strategy (DIVYS), we are both humbled by the trust you’ve placed in us and energized by the opportunities that lie ahead, reflecting on a decade of strategic outperformance, resilience through market cycles, and unwavering commitment to ...
The release of The Rise and Fall of Ziggy Stardust and the Spiders from Mars in 1972 proved pivotal for David Bowie, boosting his career into interstellar overdrive. As I started to think about writing this quarter’s letter the opening track, “Five Years,” came to mind. With SMCO hitting the five-ye...
By all metrics Q1 2024 was an undeniably optimistic ride, underlined by the continuation of a soft landing, recession odds declining, inflation receding and rate cuts in the Fed queue. Economic data is supporting the optimism; the jobs picture remains strong, the inflation picture improving, despite...
2024 is off to a strong start with the S&P 500 having its best start since 2019 and continuing the momentum that began in Q423. Since the “risk on” rally began on 10/27/23, the performance of the S&P has been impressive:
The Year of the Rabbit In 2023, the Gregorian calendar was designated the year of the rabbit—a symbol of good fortune and rebirth. Perhaps, then, it’s no surprise 2023’s markets closed in a similarly spirited fashion. Fourth quarter returns leaped happily to a banner finish, dodging a handful of obs...
I. Fourth Quarter 2023: Keeping up with the Russells Ok, let’s get this out of the way right away – we did not keep up. SMCO did end the year on a strong note, generating a +10.5% gross/+10.3% net return in the fourth quarter, but Mr. Market embraced the softening inflation and positive economic dat...
