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      <image:title>Insights - RISK: How to Think About It, Measure It, and Manage It — Part I - Make it stand out</image:title>
      <image:caption>Click on the table to view it in full size as a pdf.</image:caption>
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      <image:title>Insights - Inflation - Make it stand out</image:title>
      <image:caption>Just a few weeks ago stocks were at an all-time high. This in spite of the fact that in the past 21 years we experienced the deflation of the tech bubble in 2000–2003 (down 47%), the financial crisis of 2007–2009 (down 55%), and the COVID crash of 2020 (down 34%).</image:caption>
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      <image:title>Insights - Inflation - Make it stand out</image:title>
      <image:caption>We looked at the last period of very high inflation, from the end of 1972 to the end of 1981. During that period inflation averaged 9.2% per year. The S&amp;P 500 did not keep up, but it did gain 5.2% per year. A well-managed portfolio, however, did considerably better than the S&amp;P 500.</image:caption>
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      <image:title>Insights - Inflation - Make it stand out</image:title>
      <image:caption>The earnings yield of the stocks in our clients’ portfolios is even higher than that of the S&amp;P 500.</image:caption>
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      <image:title>Insights - Inflation - Make it stand out</image:title>
      <image:caption>With rising interest rates stocks that have low P/Es, good dividends, and solid balance sheets should hold up much better than those that have high P/Es. Three well managed mutual funds performed better than the S&amp;P 500 during the tech bubble burst.</image:caption>
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      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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