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View newsletter in PDF One of our main tasks as financial advisors is to answer the question, “What can I spend from my investment accounts in retirement?” There are many variables that factor in—your age at retirement, asset allocation, financial market returns, and when you might file for Social Security, to name a few. And […]

View newsletter as PDF “In the short run, the market is a voting machine…but in the long run, the market is a weighing machine.”—Benjamin Graham, as quoted by Warren Buffett How long can the market keep moving up? This is one of the most common questions we get these days, and for good reason. Over […]

View newsletter as PDF The Fed’s mandate sounds straightforward enough: keep inflation low and stable and support a strong job market. Doing so is another matter. Between the summer of 2016 and the end of 2022, I worked in the New York Fed’s Markets Group—the team responsible for implementing monetary policy decisions and monitoring financial […]

View newsletter as PDF Quarterly earnings calls give company executives a chance to discuss results, outline plans, and answer analysts’ questions. They sometimes move stock prices. Rarely do they inspire listeners to buy a book about nineteenth-century finance. Source: Penguin Random House And yet, Microsoft CEO Satya Nadella did just that on the company’s fiscal […]

View newsletter as PDF From Visual Capitalist, an infographic on midterm voter turnout by generation.

“My tax person is retiring and no one I’ve called is taking new clients, is there anybody you can recommend?” This is a common question for us at H+D, and a frustrating one, as the answer is all too often “no.” When we can, we try to connect clients who need estate, insurance, tax, or […]

The Strait of Hormuz closure at the end of February led to the largest disruption of global oil supply in history, with some observers predicting that crude oil prices would skyrocket from $60 per barrel to above $200 if the conflict persisted. Well, the conflict persists and yet the direst predictions of an oil crisis […]

Five decades ago, the average Chinese hoped for the ‘Three Bigs’: a bicycle, a wristwatch, and a manual sewing machine. After the ‘Reform and Opening Up’ policies were instituted by Deng Xiaopingin 1980, change occurred quickly. Over the past forty-five years, more people have been lifted out of poverty than has ever happened in any […]

For the second installment of our quarterly book club at H+D, we searched for a balm for the previous entry, “Enshittification: Why Everything Suddenly Got Worse and What to Do About It,” by Cory Doctorow. His 2025 bestseller offered a depressing deep dive into the almost inevitable decay of online platforms, driven primarily by corporate […]

From Visual Capitalist, an infographic on the share of homes that use air conditioning in each U.S. state.

We recently initiated a quarterly book club in the H+D office, and expect to make our thoughts on these books a regular feature of this publication. The inaugural selection was Cory Doctorow’s 2025, “Enshittification: Why Everything Suddenly Got Worse and What to Do About It”, which turned out to be a somewhat depressing first entry. […]

These last few weeks, investor attention has shifted away from all-things AI to the latest conflict in the Middle East. But when the clash ends, sooner rather than later we hope, AI will once again take center stage and for good reason. This rapidly evolving technology has the capacity to fundamentally alter key aspects of […]