Keller Quarterly
Keller Quarterly (October 2024)
Letter to Investors | PDF “Will it play in Peoria?” That wonderfully alliterative question originated in the show business community. A show that might “knock ‘em dead” in New York might not be so popular in the rest of the country. We live in a big nation. While there is a commonality that binds us… Read More »
Keller Quarterly (July 2024)
Letter to Investors | PDF We are in a season when the average investor is not thinking much about the normal factors of investment risk and return, such as interest rates or economic growth. Investors are now focused on politics, first and foremost. This is understandable, and not just because this is a presidential election… Read More »
Keller Quarterly (April 2024)
Letter to Investors | PDF “What could go wrong?” When that question is uttered with confidence, wise folks immediately brace themselves for calamity. It is an oddity of the stock market that the more quickly a stock ascends in price, the less often people seem to worry about what could go wrong. Rising stock prices… Read More »
Keller Quarterly (January 2024)
Letter to Investors | PDF About 125 years ago, a reporter spied J.P. Morgan on the streets of New York and ran over to get a prediction and a quote. “What will the stock market do?” the reporter asked the great banker and investor. “It will fluctuate,” was Morgan’s droll reply. The reporter dutifully reported… Read More »
Keller Quarterly (October 2023)
Letter to Investors | PDF One quarter ago I discussed the inadvisability of living in the future (or the past), at least as far as investing goes. Much better, we said, to stay in the present, investing in what is, not what if. Today we deal with the difficulty of investing in the present. The… Read More »
Keller Quarterly (July 2023)
Letter to Investors | PDF At least once a decade, the stock market vibrates with excitement over a new technology and, in this revelry, the stocks of any company close to that technology separate themselves from the rest of the market as a rocket separates itself from the ground. That remarkable upward surge in stock… Read More »
Keller Quarterly (April 2023)
Letter to Investors | PDF Here we are, three and a half months into 2023: the Fed is still raising interest rates; a recession is widely expected to take hold this year; we have a banking crisis; the war between Russia and Ukraine continues to rage after more than a year; and the U.S. and… Read More »
Keller Quarterly (January 2023)
Letter to Investors | PDF A new year is underway, and we wish you and yours all the best in 2023! The stock market certainly seems to be optimistic about the new year: the S&P 500 is up 4.1% through its first full two weeks of 2023 and it’s up 14.5% from the 52-week low… Read More »
Keller Quarterly (October 2022)
Letter to Investors | PDF Summer has concluded and we’re starting to feel the chill of winter. For reasons that I’ve never fully understood, the stock market “feels a chill” this time of year also. More often than not, September produces a negative return for U.S. stocks, and this September was no exception. For some… Read More »