Articles by Brian Kozel

Investing and Elections: What History Tells Us

By |2024-11-04T13:29:54-08:00November 1st, 2024|

Throughout US history, presidents generally receive too much credit or blame for economic conditions during their administration. A larger driver of stock performance is the business cycle, which is influenced by a multitude of factors ranging from technological revolutions to globalization.

Market Patterns and Heat Waves

By |2024-10-23T15:18:37-07:00October 4th, 2024|

Q2 2024 Market Commentary
Markets have been experiencing a heat wave recently, with stronger than usual growth over the past twelve months. While that growth continued in the third quarter, patterns shifted and a new array of sectors helped lead the broad market higher. 

The Cost of Cooling a Warming World

By |2024-10-11T15:07:48-07:00September 20th, 2024|

Reducing the environmental impact of HVAC systems is a crucial step toward achieving a more sustainable future as well as a significant opportunity for companies to innovate. As demand for air conditioning booms alongside fears about the future of our climate, there is an opportunity for private sector companies and government policymakers to address this issue strategically.  

Days Are Long, Years Are Short

By |2024-09-06T13:47:42-07:00August 2nd, 2024|

Whether in planning, investing, or parenting, the best outcomes typically arise when you remain focused on the bigger picture rather than the swirl of daily headlines.

Heating Up and Cooling Down

By |2024-07-25T10:49:18-07:00July 12th, 2024|

Q2 2024 Market Commentary
While increases in prices, temperatures, and political headlines have been quite noticeable, we have also been monitoring areas of the market and economy that have been on a cooling trend over recent weeks and months. 

Sell In May and Go Away?

By |2024-07-25T10:51:32-07:00June 7th, 2024|

Even though stocks haven’t traditionally done as well from May through October, they still tend to go up, suggesting that staying fully invested has been more reliable than attempting to time the market. 

Inflation Fatigue

By |2024-07-25T10:52:28-07:00May 10th, 2024|

While overall spending remains strong, early cracks are emerging, suggesting that consumers are feeling the fatigue after four years of inflation pressures.

Catastrophe, Resilience, and Growth

By |2024-07-25T10:54:14-07:00April 5th, 2024|

Q1 2024 Market Commentary
The collapse of the Francis Scott Key Bridge, while devastating, did not paralyze the nation's economy; similarly, a diversified portfolio is structured to absorb volatility without jeopardizing overall performance.

Artificial Intelligence, Real Companies

By |2024-07-25T10:54:50-07:00March 8th, 2024|

AI has the potential to transform industries and reshape the way we live and work. It also carries significant risks for specific professions and our broader social fabric, presenting challenges for policymakers and regulators.

A New Season Begins

By |2024-07-25T10:56:00-07:00February 16th, 2024|

When building your portfolio and saving for retirement, hitting singles and doubles is the safer, lower-risk route. It's the singles and doubles that win the game. Home runs are exciting, but good defense and strong pitching carry teams deep into the post season.

Companies Get Their Quarterly Report Card

By |2024-02-02T13:17:35-08:00February 2nd, 2024|

Earnings reports include three key financial statements: the balance sheet, the income statement, and the cash flow statement. When a company announces its quarterly results, investors immediately compare the actual results to what financial industry analysts had estimated.

Defying Expectations, Shifting Narratives

By |2024-07-25T10:47:32-07:00January 5th, 2024|

Q4 2023 Market Commentary
The strong rally over the final two months of 2023 has led to the question of whether potential 2024 price gains may have been pulled forward. To some extent, we would say yes. Stock valuations aren’t unreasonable given where interest rates are, but they are pricing in a strong probability of several interest rate cuts in 2024.

What We Can Learn From the Price of Cardboard

By |2024-01-26T13:38:27-08:00December 15th, 2023|

History indicates that when cardboard prices jump higher, the economy is revving up. Some analysts have said that it is too soon to tell whether price increases will persist or if they are a one-time adjustment in a retail market still reeling from the unique circumstances of the pandemic.

Charlie Munger: Lessons from Warren Buffett’s Right Hand Man

By |2024-01-26T13:39:40-08:00December 1st, 2023|

Charlie Munger was an inspiration to countless investors - including members of our team here at North Berkeley. His emphasis on acquiring a diverse range of mental models, understanding the fundamental nature of business, and maintaining a long-term perspective has become gospel for many in the financial world. Rest in Peace Charlie Munger.

Markets Take the Long View

By |2023-11-20T09:47:47-08:00November 3rd, 2023|

Prices have remained relatively stable over the past few weeks, and investors are closely watching the headlines from the Fed regarding US interest rate policy as well as further developments in the Middle East.  

The Reality of a ‘Soft Landing’

By |2023-11-10T15:57:07-08:00October 6th, 2023|

Q3 2023 Market Commentary
With the economy remaining stronger than expected and the Fed signaling one more rate hike in 2023, investors are being forced to recalibrate their expectations for both stock and bond valuations.

Smoky Skies

By |2023-11-10T15:58:33-08:00September 22nd, 2023|

While it's natural to feel uneasy when short-term risks such as wildfires or weak corporate earnings cast a shadow over the financial markets or local skylines, history reminds us that these risks will pass with time. Financial shocks are a natural part of being a long-term investor, which is why it is important to build a portfolio that prioritizes resiliency.

A Labor Day Break

By |2023-11-10T16:00:20-08:00September 1st, 2023|

We are taking a break from our regularly scheduled reflection to begin our Labor Day weekend by closing laptops, turning off Zoom, and taking a moment to reflect on the hard work of our team. 

Space and Spinoff Innovation

By |2023-11-10T16:00:57-08:00August 25th, 2023|

Like the first in a line of dominos, public investment in large-scale scientific endeavors can start a chain reaction of innovation that benefits economic growth and sustainable development in unforeseeable and beneficial ways.