MCS team

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MCS clients outperformed the dreadful stock and bond market results of 2022. Overall, client losses were minor with the potential to be easily recovered. For the full year 2022 (if MCS clients’ investments were treated as one large portfolio including their cash), on average clients lost 2.67%, after fees. For comparison purposes, the S&P 500

Investors have been battered as market indexes retreated to levels last seen in 2020. As MCS client year-to-date performance demonstrates (below), clients have significantly outperformed both stock and bond indexes. As my previous newsletter discussed, an investor-friendly era has ended, and a very unfriendly era is taking its place. My first objective is to keep

Investors took a beating in the first half of 2022 and are now hoping, dare I say praying, that the worst is over. This newsletter assesses today’s risks to stock and bond markets and decision making in the context of the Margin of Safety principle. Year to Date Review For the first six months of