Sigma Signals

Week of April 17, 2023

The New York Times columnist David French references Yeats in his April 16 essay, noting that the “…center can hold….” In particular, he highlights the current trend in academia towards the support of free speech and free expression. While this may seem a trite microcosm, it does reflect on the current state of civil discourse, the world over. Historically, the most stable of social systems were those that promoted democracy and free discourse. Stability – for successful capital markets – is an imperative. This is why we monitor “social/culture“ in our Signals as an ingredient in the total risk equation. While we are not presently changing any Signals, on social/culture, we are observing closely.

Bob Bilkie, CFA