Inkwell’s primary focus is on achieving satisfactory investment results for its clients. While we are busy with that, though, we want to engage you in the process by telling you our thoughts as we go about our business. We believe that the more you understand our investment philosophy and our way of thinking, the more comfortable you will be with our investment decisions.

Each quarter we write a letter to our clients which contains our reading of the current market climate and our thoughts on how best to navigate it. We also write occasional memos on topics that catch our eye or that we think might be interesting to our clients.

Below is a collection of these publications.

  • Quarterly Commentaries

    • 2023
      Bonds are suffering, but Berkshire Hathaway is finally beating the market.
      For the first time in decades, market strategists predicted a down year for stocks. The S&P 500 is up 17% so far this year.
      Everything Everywhere All At Once: tech stocks on fire, regional banks collapsing, interest rates zooming higher, ...
    • 2022
      2022 was a bad, bad, bad year.
      What 1980s one-hit wonder Bobby McFerrin can teach us about investing.
      The first half of 2022 was the worst start to the year for U.S. stocks in at least 60 years.
      Some stocks were COVID-related darlings (think Peloton or Zoom), but the wild ride appears to be over.
    • 2021
      The stock market can sometimes produce counter-intuitive results. Last year saw a lot of fear and uncertainty, yet stock market returns were robust.
      Fear and greed are ever-present dangers with regard to investing in the stock market, but the best way forward is to avoid them both.
      Inkwell Capital celebrated its 10th anniversary during the second quarter. No investor is perfect, and this post-mortem analysis takes a hard look at the mistakes we have made so far.
      With the onset of the coronavirus pandemic now a year behind us, let's look at some of the timeless investing lessons re-learned during this tumultuous year.
    • 2020
      Good riddance to 2020. Also, are we really at another all-time high in the stock market?!
      Will the upcoming presidential election affect our portfolios one way or the other? According to history, probably not.
      Amid madness on both Wall Street (bankrupt stocks soaring) and Main Street (people refusing to wear a mask), we remain focused.
      The world turned upside down this quarter, but let's not lose our investment heads in the process.
    • 2019
      Everything in life, including the stock market, is cyclical. Where are we in the current cycle?
      It's amazing how wildly -- both in dollar terms and percentage terms -- some large, well-known stocks fluctuate in price from year to year.
      In this topsy turvy stock market, bad news is sometimes seen as good while good news is seen as bad. What's an investor to do?
      Trying to time your entry and exit points in the stock market may seem like a sensible plan, but it's not as simple as it first appears.
    • 2018
      U.S. stocks recently crossed into bear market territory, and the bond market is signaling that a recession may be on the horizon.
      Interest rates are finally starting to rise. What does that mean for stock market investors?
      Lessons learned from a trip to Omaha for the Berkshire Hathaway annual shareholders meeting.
      Growth investing has earned higher returns than value investing lately. When will the tide turn?
    • 2017
      2017 saw more than its fair share of political and meteorological calamities. So why was the stock market up 22%?
      Many signs point to an over-heated stock market.
      Pay no attention to the White House's current enthusiasm. It's Big Tech that's driving the market.
      A surprising answer to the question of what happens to the stock market following an all-time high.
    • 2016
      An unlikely loser surfaced this election season: the polling industry.
      Our turnover has been very low recently.
      Panic over Brexit prompts us to say, "Keep Calm and Carry On."
      The stock market has just as many dips, dives, twists, and turns as an actual roller coaster.
    • 2015
      What is the opposite of a New Year's resolution?
      When looking at stock market returns it is good to keep everything in perspective.
      While hitting for the cycle is a rare feat in baseball, investing for the cycle is something Inkwell strives for every day.
      Spring is Inkwell's favorite time of year, but it's not because of all the flowers and sunshine.
    • 2014
      2014 was a year of surprises.
      How long does it usually take the stock market to double?
      Hop on the Buffett train--a look at the history of Berkshire Hathaway.
      How to live forever.
    • 2013
      What's in a typical Inkwell portfolio these days?
      The stock market continues to hit new highs... now what?
      Will rising interest rates cause the stock market to sink?
      Compound interest--the eighth wonder of the world.
    • 2012
      How much does GDP growth influence the stock market? Spoiler alert: close to none.
      Do you have the guts to be a value investor?
      Recap of our annual pilgrimage to Omaha, Nebraska.
      A tale of two companies--"it was the best of companies, it was the worst of companies."
    • 2011
      Why we are bullish right now.
      What the recent volatility in the stock market should mean to you.
      Inkwell's first quarter--what you can expect from us, what we'll expect from you.
  • Memos