Memos
Q1 2023 Memo
FIXED INCOME Fixed income investing should be a relatively uneventful investment strategy; investors lend money and collect a series of scheduled interest payments until loans
Q4 2022 Memo
Happy days are here again! Well- that may be a bit of an exaggeration, but the fixed income playing field has certainly grown more attractive than it’s been in decades. Entering 2023…
Q3 2022 Memo
Fixed Income markets are now offering one of the best opportunities we’ve seen in the last decade. A confluence of events – higher interest rates, financial turmoil in the UK, and forced liquidations by fund managers
Q2 2022 Memo
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.
Q1 2022 Memo
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.
Q4 2021 Memo
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
