The Eternal Promise of Easy Money

Back in November of 2023, I did an interview with Greg Greenberg from InvestmentNews on the topic of private credit.

Mar 13 • Jonathan Swanburg

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Iran, Uncertainty, and Why We're Staying the Course

This week, I received a few calls and emails from clients asking whether we should increase our allocation to cash until things with Iran become less…

Mar 6 • Jonathan Swanburg

February 2026

Midterm Volatility Is Right on Schedule

It would be easy to look at this week’s headlines and think things are getting worse.

Feb 27 • Jonathan Swanburg

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Great Years Still Include Scary Declines

This week, we hosted a seminar at our office titled “What 2025 Taught Us – And What it Means for the Year Ahead.” A copy of the slides can be downloaded…

Feb 20 • Jonathan Swanburg

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The Retirement Spending Myth Most Calculators Get Wrong

Planning for how retirees actually spend, not how calculators assume they spend.

Feb 13 • Jonathan Swanburg

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43% of Stocks Lost Money in a Great Market

When someone says, “Stocks have been doing well,” it is important to remember that not all stocks are the same, and investors with concentrated…

Feb 6 • Jonathan Swanburg

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January 2026

The Silver Trade and the Amnesia of Markets

In the first 28 days of 2026, silver is up roughly 50%.

Jan 30 • Jonathan Swanburg

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Fast, Fun, and Almost Guaranteed to Lose

Since smartphones became mainstream in the 2010s, we’ve been running an unprecedented experiment: a casino in every pocket.

Jan 23 • Jonathan Swanburg

Even the Best Investments Hurt

In June of 2007, Apple released the iPhone.

Jan 16 • Jonathan Swanburg

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Our Core Investment Beliefs

Every January, I like to restate our team’s core investment beliefs to provide context for everything I say and do throughout the rest of the year.

Jan 9 • Jonathan Swanburg

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The Comfort of Not Knowing the Price

A few weeks ago, I spoke with a manager at a large private credit fund that lends to non-public companies.

Jan 2 • Jonathan Swanburg

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December 2025

Ending 2025 With Gratitude

Since this is my last note for 2025, I figured I would simply say thank you.

Dec 26, 2025 • Jonathan Swanburg

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