Past Client Letters

2018 Client Letter

Our Premises: Although many companies and organizations are undertaking a liability hedging process for their pension programs in this expected low-rate environment, most methodologies are heavily math-based, and as the research of Dr. Richard MacMinn, the Edmondson-Miller Chair in Insurance and Financial Services at the College of Business at Illinois State University has suggested, the value of such methodologies lack proof.

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2017 Client Letter

Just before the Christmas holidays, I was on a trip to Atlanta. I always bring two books with me on trips, and this time one of them was Principles: Life and Work, by Ray Dalio. The author is the founder of the world’s largest hedge fund manager and was ranked the third richest American hedge fund manager by Forbes. I have read about Ray’s brutally honest management approach before, so I finished the book with great anticipation and excitement.

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