MARKET INSIGHTS

The best media narrative is the one that creates the strongest reaction and the most engagement. This usually involves promising a surefire – and short-term – path to riches and rarely charts a realistic path towards long-term compounding of wealth.

CORE EQUITY COMMENTARY

In Q4, Core Equity made up for its lack of exposure to TSLA and NVDA with good relative returns from other stocks in our portfolio. 
We would like to acknowledge that this is the first Kovitz Core Equity letter in over 25 years that was not authored by Kovitz's founding partner, Jon Shapiro. We want to thank Jon for his wonderful insights over a quarter century!

FIXED INCOME COMMENTARY

As we close the books on 2024, we are reminded of the importance of staying focused on long-term goals. Success in the past year required managing duration risk effectively while navigating a stable but evolving credit landscape. Given the uncertainties of fiscal and monetary policy in the year ahead and credit spreads starting the year at levels implying minimal risk, we believe success in 2025 will require similar levels of prudence and adaptability.