News

Social Security’s fragile state is hardly news. Its Trustees’ most recent annual report issued back in March 2023 showed that the Social Security Trust fund (technically the OASI fund which backs retirement but not disability benefits) will run out of money by 2033. While this is certainly not good news, it is important to point […]

This is how Seth Klarman, the well-known Boston investor, describes value investing. Benjamin Graham pioneered value investing with the publication of Security Analysis in 1934. His style emphasizes rigorous fundamental analysis of a company to determine its real value independent of its stock market price, waiting for an entry level that ensures a margin of […]

Over the past decade, a diversified portfolio of U.S. stocks has returned about twice as much as an equivalent portfolio of international stocks. That’s an exceptionally long period of exceptional U.S. outperformance — an absolute trouncing. But like many others, we wonder how much longer this can go on. There are legitimate reasons for the […]

At a time when U.S. pessimism is running high, Joseph Nye provides a good reminder: America still has plenty going for it. In a recent article for Project Syndicate (“American Greatness and Decline”), the Harvard professor and foreign policy expert pushes back against the perception that America’s greatest days are behind it. While it may […]

January is a good month to talk about personal finance. Many people are looking to turn over a new leaf and get motivated about finances. But on January 1, Intuit, which owns a popular free budgeting app, Mint, decided to close the service. Warren Buffett likes to say about investment, “it’s simple, but not easy.” […]

Of course, there are the rest of us here at H+D too, and it would be an injustice not to mention the contributions that each of us makes. Here is a quick recap of who does what day in and day out: Alex Watson is a senior portfolio manager and Investment Committee member, where he […]

Warren Buffett once advised, hang out with people who are better than you: “Pick out associates whose behavior is better than yours and you’ll drift in that direction.” Of course, we couldn’t agree more. It’s the people you work with that make you better. That’s why we’re excited to introduce three recent arrivals at H+D […]

Federal Reserve efforts to tame inflation through steady interest rate increases seem to be having their desired effect. But the last two years have been tough on investors with both stock and bond prices experiencing unprecedented levels of volatility. Against this backdrop, it is no wonder that money market funds have gained broad appeal. Last […]

Investors were grappling with a lot of uncertainty at this time last year. Covid infection rates remained elevated. With inflation still clocking in at 6%-7%, interest rates seemed poised to march ever higher. Abroad, Europe was struggling with sky high gas prices while the war in Ukraine raged on. Against this backdrop, investment strategists largely […]

In our line of work we are privy to a lot of preconceptions surrounding estate taxes. Some of these ideas make sense, while many are outdated, overlook the added nuance of state taxes, or misunderstand the impact of gifting. Note: an estate lawyer is the ultimate source for good information! Many people who began estate […]

ESG investing – the practice of incorporating Environmental, Social, and Governance considerations into investment decisions — has been stirring up a lot of debate and emotions. At least in the mainstream press, it can seem like ESG went from investment darling to reviled failure in a very short time. But that is glossing over a […]

Our annual office chocolate recipe competition was back to in-person this year after going virtual during the pandemic. Entries ranged from above-average execution of Swedish classics (nice thumbprints, Sven!) to avant-garde, meta-culinary experiences (chocolate-covered pickles…thank you, Art). But the winning recipe was the clear standout, and our champion is not from the old guard, but […]