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A Look at Prospective Market Returns Amid a New Era of Negative Real Rates
by Brian McAuley of Sitka Pacific Capital Management, 8/24/21

One theme we have focused on in these letters over the past three years is what a transition into a regime of negative real interest rates looks and feels like, and the long-term consequences such a regime brings for the markets, and for investors.

Shiller’s ECY Makes Relative Sense, but the Market’s Absolute Return May Be Another Story
by Brian McAuley of Sitka Pacific Capital Management, 4/22/21

It often happens that associations which end up leaving an indelible mark on our collective memory of certain market events are the result of sheer happenstance

This Era May Come to Be Remembered as the Federal Reserve’s Third Great Mistake
by Brian McAuley of Sitka Pacific Capital Management, 2/25/21

The Great Inflation of the 1960s and 70s, the earliest stages of which were already underway when Graham spoke at the St. Francis Hotel, eventually produced some of the most astonishing economic dislocations in U.S. history.

Another Story of Too Much Debt: Investing During Unsustainable Economic Conditions
by Brian McAuley, 5/1/12
US-based investors cannot ignore the macro environment, and therefore must consider the consequences of our increasing indebtedness and its impact on capital markets. We can gain valuable insights into our fiscal problems from the housing bubble and the European sovereign debt crisis - lessons which every value investor should heed.
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