“None of the U.S. expansions of the past 40 years died in bed of old age; every one was murdered by the Federal Reserve.” Rudi Dornbusch, MIT economist, 1997 This may be a rather graphic way of pointing out that economic expansions don’t just fade into recession without some outside help. Frequently that has come… Read More
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In the twilight of the holiday season, Charles Dickens came to mind; “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it… Read More
After spending most of the year celebrating news of the booming economy, investors suddenly veered off course in October and shifted focus onto a growing list of potential concerns. On the positive side of the ledger, and arguably already baked into prices, were impressive earnings gains fueled by strong fundamentals and recent tax decreases. S&P… Read More
“What sets us apart is our independent approach to security selection and portfolio management. Without the noise of Wall Street, we perform our own research and make our own assessments of worth based on the risk/reward characteristics of individual securities, then we deliver our selections in a compact, tax-efficient portfolio.” –Douglas Pyle
“A mentor once said to me that ‘the investment advisory business is actually pretty simple: if you take care of the clients, the business will take care of itself.’ We’ve taken that advice to heart for 30+ years now. The fact that we are now dealing with second and third generations in many of our… Read More
“Our research process assesses the underlying earnings power of a company, employs a proprietary method to identify companies selling below their historic value, and considers current business and market conditions to establish valuation parameters. This process has been employed at Radnor Capital for more than 25 years.” – Elisabeth Schwan, Director of Research