There’s no shortage of topics to discuss in our quarterly memo and we’ll attempt to give them the scrutiny they deserve. We’ll start with the war in Europe, provide an update on the Puerto Rico settlements, move on to interest rates, and end with a recap of our portfolio performance.

Investment industry custom is often to write provocative quarterly letters – a custom we’ve adhered to often in the past. This quarter we’ll be brief. At current levels, fixed income yields are more attractive than at any time in the recent past, save for brief moments at the onset of the pandemic.

When Seabird Investment Partners opened its doors five years ago, our goal was to create a firm that would deliver best in class investment strategies for the benefit of our client/partners. We knew then that being best in class doesn’t always mean delivering the highest possible return

Seabird performed well across all three of our strategies in 2021. Below are the composite returns for the full year (more detailed performance is attached): Equity +:41.4 %, Income+: 13.9 %, Muni+: 12.2 % Although our performance was solid across the board, one investment led