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The Sustainable Investor is Boardwalk Capital's blog on sustainable business, renewable energy and investment commentary.  We hope that you enjoy reading and welcome your comments.

Scott Sadler, Founder - Boardwalk Capital Management

 

Saturday, March 11, 2023

The big news late this week was the collapse of Silicon Valley Bank, a sizable financial institution that once had more than $200bn in deposits.  What is the broader impact and potential opportunity?

 

Monday, December 19, 2022

The tug-of-war between inflation indicators and "Fed Speak" continues to occupy investors attention.  Can the Fed engineer a soft landing? Or will the confluence of uncertainty and tax loss selling undermine a nascent market recovery?

 

Friday, November 11, 2022

Last month, we wrote about how we thought the Fed was being a bit too aggressive in its interest rate hikes.  This month, we are seeing inflation declines show up in the CPI. Stocks and bonds rallied accordingly. What should investors do?

 

Thursday, September 29, 2022

After a brief Summer rally, stocks resumed their declines in September.  In this note, we examine inflation, the Fed, and a few sectors that have recently become more attractive than they have been in years.

 

Tuesday, July 5, 2022

The first half of 2022 offered investors few bright spots, and few places to hide from declining markets.  Stocks and bonds declined, both foreign and domestic. But for asset accumulators, this might be a gift.

 

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Thursday, June 23, 2022

We are wired to "protect what's ours", not to think long term. But what if we missed just the 10 best days in the market each decade? That seemingly insignificant amount of time can be incredibly damaging to our long term prosperity.

 

Monday, May 23, 2022

We humans are collectively horrible at timing-- true "contrary indicators". It's a pretty good bet that when we are ready to throw in the towel, it's a a decent time to be a buyer. Have we reached one of those points?

 

Friday, May 13, 2022

Know what you own.  Sometimes what you avoid is as important as what you invest in.

 

Monday, May 2, 2022

April was a volatile month for investors.  But cycles come and go. Nothing in the current environment suggests that companies have lost the ability to build long term value.

 

Sunday, February 27, 2022

Corrections and bear markets are never fun, but corrections occur approximately annually, and bear markets about every four years.  What are the returns like after one of these periods? The numbers might surprise you.

 

Sunday, February 20, 2022

2022 has been a difficult one.  Strong economic expansion has resulted in robust earnings . Investors also have to contend with an aggressive Russian military and rising interest rates. Long term investors have been here before.

 

Saturday, February 5, 2022

Nathan Stuck, Co-Founder of B Local Georgia, interviews Scott Sadler (the other Co-Founder of BLocal) on the subject of The Benefits of ESG Thinking for Companies and Investors. 

 

Sunday, January 23, 2022

A Wall Street Journal writer believes that ESG investing isn't living up to its claims. He is correct on some points, but wrong on many others.

 

Tuesday, September 7, 2021

Bonds are suffering from a disconnect. Real (after inflation) yields are negative. The Federal Reserve has kept bond yields lower than they likely would have otherwise been, and plans to reduce its support for lower rates...

 

Thursday, August 5, 2021

Impact investing is always a “work in progress”, striving to find new ways to positively impact what's important to us. We will inevitably fall short of perfection, but it's our collective actions that will move the needle.

 

Wednesday, July 14, 2021

Today’s investors are challenged to find yield in a low-rate environment and appreciation potential in a world of highly valued equities. They need to open their eyes to alternative investments.

 

Sunday, May 23, 2021

Does having a diversified portfolio ever make you feel like you're missing all of the fun? Speculative assets can hold unmistakable allure, but we're going to defend "boring" investments as being the best path to wealth building.

 

Saturday, January 23, 2021

We do live in interesting and challenging times -- as humans, parents, citizens and investors. There is room for optimism despite very real challenges.

 

Friday, January 8, 2021

The conditions that made the 60/40 allocation work are no longer in place. Investors might still be able to meet their financial goals, however, without taking on large amounts of additional market or credit risk.

 

Wednesday, November 4, 2020

A UNIQUE ENVIRONMENT It serves little purpose to call the markets “irrational”. Yet, the year 2020 has been like few others, with stock indexes defying gravity (and often logic) by making new highs despite a highly...

 

Tuesday, October 27, 2020

With one week until the US Presidential elections, investors may believe that changes to their portfolio are warranted. History, however, suggests otherwise. Yes, short term volatility tends to rise around elections. But investors'...

 

Wednesday, October 14, 2020

First of all, I hope that this note finds you keeping well and staying safe. We're in the midst of the season when we talk of elections and their impact on the markets. (Hint: Over time it hasn't mattered which party is in power.) And...

 

Tuesday, September 8, 2020

The rally seemed to defy gravity. But technology shares have started to come back to Earth. No, Wall Street isn't "okay" while Main Street is hurting. Both are hurting. Here's how we know.

 

Wednesday, June 10, 2020

As investors who seek to make a positive impact on society, it's become clear in recent weeks that we've sometimes missed the big picture. We've been trying to "do well while doing some good." But we've neglected a human element.

 

Wednesday, May 27, 2020

The markets discount fundamentals that are six-to-nine months ahead.. But is this sensible? In this week's note, we look at the markets and the performance of sustainable funds.

 

Wednesday, April 22, 2020

With so much about our lives in some level of flux, it's easy to forget that today is Earth Day. The Covid-19 crisis is a reminder to give Mother Nature her due.

 

Friday, April 3, 2020

This email starts with a tough assessment of the current environment, and is a bit on the long side, but I hope you'll read to the end for some encouraging words from people who have been here before... As we have written recently,...

 

Wednesday, March 25, 2020

Investors who have been battered for three solid weeks of extreme volatility finally got a reprieve this week. After failing to agree on a stimulus package to support American workers and businesses on Monday, it would appear that...

 

Friday, March 13, 2020

A series of sleepless nights gives an investment advisor lots of time to read analyses and opinions on the economic and human toll of the accelerating coronavirus. On a daily basis, all market participants get to digest both 5% daily...

 

Sunday, February 23, 2020

Investors may not think of affordable housing as an "impact" investment, but without question some opportunities in this sector have measurable environmental and social impacts while also offering the potential for handsome financial...

 

Wednesday, January 29, 2020

Good for you. You've decided you want an investment portfolio that reflects your values as well as your financials goals. But you're worried about the costs of a Big Transition. We make this manageable, with a range of valuable techniques.

 

Tuesday, January 28, 2020

Building an impact portfolio is a very personal exercise that starts with a vision. The investor's priorities become the driving force behind portfolio construction. What are decisions that an impact investor must ultimately make?

 

Tuesday, January 28, 2020

Managing an impact portfolio is not all that different from managing a traditional one. It just adds another layer of variables and complexity to the equation. Starting with the UN Sustainable Development Goals is a logical first step.

 

Saturday, January 4, 2020

We often hear about a carbon neutral future. But how and when will we get there? Perhaps sooner than you think... Following the example of the best B Corporations, Boardwalk Capital Management just did it, and you can too.

 

Tuesday, December 24, 2019

Over the past few months, the markets have slowly moved higher,and some of earlier the clouds have parted (i.e., trade friction andthe inverted yield curve have both improved.) Even Brexit lookslike it will finally proceed. And while...

 

Tuesday, November 19, 2019

Don't feel bad... If you haven't been keeping up with all of the options for retirement savings, you're not alone. With limits that change every year, and an alphabet soup of retirement programs, it's not so easy. If you are in...

 

Saturday, October 19, 2019

The balanced portfolio is broken, with near zero interest rates and low stock market returns. A 60/40 mix can't meet the needs for the typical investor. Private investments may help rebuild the classic with better risk/return profile.

 

Thursday, October 3, 2019

Is it time for the chickens to come home to roost? The market is signalling that trade wars and economic uncertainty are breeding recessionary conditions.

 

Monday, July 8, 2019

On July 4, we cheered America's independence and 2019's market rebound (after a dreadful close to 2018.) Have we come too far, too fast? And what underpins this bull market, and what are the risks? We have some thoughts...

 

Wednesday, April 3, 2019

After a horrible end to 2018, the S&P500 appreciated by 13% in the first quarter, almost completely retracing the decline in the fourth quarter of 2018. The Fed paused from its tightening, and trade wars appear to be working themselves out.

 

Friday, March 8, 2019

Social investing" accounts for 25% of the $46 trillion in assets in the US that are under professional management. But can it help investors achieve their goals? Yes, but with some tweaking.

 

Wednesday, November 7, 2018

Investor passion around impact investing is part of what will make it successful over the long term. Energy drives innovation. Our collective visions will help to drive the solutions to the world's issues.

 

Monday, October 29, 2018

After a calm Summer, market volatility has returned with a vengeance. The swift decline market indexes this month has us now flirting with "correction" (10%) territory. So, investors are justifiably cautious. And while the gains from...

 

Thursday, October 11, 2018

Interest rates accelerated their climb this week, and the equity markets finally took notice -- with the Dow Jones Industrial Average declining my more than 800 points, or 3.15%, on Wednesday.

 

Sunday, September 16, 2018

With so much talk about "impact investing", it may feel like the act of profitably making an impact is complex. Or, that impact vehicles are out of reach of the average investor. Or that they are unnecessarily risky. We don't think...

 

Sunday, July 8, 2018

With stocks at highly-valued levels, many experts are calling for a decade of low returns. Navigate this possibility by seeking returns in unconventional places and balancing different types of risks.

 

Wednesday, July 4, 2018

One of the best parts of being a B Corporation is the community of like-minded companies. So, starting today, Independence Day 2018, we're celebrating these independent businesses that operate with social impact in mind. Our hope is is...

 

Tuesday, June 26, 2018

Investors are voicing concerns about the economic environment. My sense is that a recession is closer than it's been since the Great Recession of 08-09. Bear markets usually precede a recession by 6-9 months, so some caution is in order.

 

Saturday, June 23, 2018

Companies have often been mystified by their underutilized, orphaned 401(k) plans. We describe how to fix this problem and connect with your employees.

 

Friday, April 13, 2018

You CAN have too much of a good thing. And the bond market is telling us that cutting taxes while at full employment is one of them. It's undeniable mathematics that cutting corporate tax rates has been a positive for the earnings of...

 

Wednesday, April 11, 2018

The kids get it... Yesterday, I had the great fortune of helping a group of Georgia Tech undergrads with their presentation on Impact Investing. It was encouraging to see their enthusiasm for creating a better world through both...

 

Saturday, March 31, 2018

The markets have been decidedly more volatile in 2018. And it's not much fun... But the real question is: What can an investor do about it? (The answer has to do with thinking longer term - but perhaps not in the way that you expect.)

 

Friday, March 2, 2018

It's often been said that markets loathe uncertainty. In 1987, the stock market crashed more than 20% in one day. That crash was blamed, in part, on aggressive talk on trade and the dollar ... Are we there again?

 

Sunday, February 18, 2018

Social impact investing is one of the fastest growing segments of the investment industry. What is driving this trend?

 

Tuesday, February 6, 2018

Lest we forget that bull markets can be long and powerful.

 

Tuesday, February 6, 2018

The chart above and table below list the most recent 15 largest daily percentage losses in the S&P 500 Index and the subsequent price performance of the index for the coming years...

 

Monday, December 4, 2017

Where does an investor find independent thinking? Many "stock" firms have too much skin in the game to call out a dangerous stock market. But Vanguard is one firm that has been respected for its independent thought for many years....

 

Friday, December 1, 2017

THE SUSTAINABLE INVESTOR #2 -- 12/01/2017 And an investment alternative for a rising rate environment Two weeks ago, I trekked to an unlikely hub of social impact activity: Washington, DC. I was delighted to spend two days with some...

 

Friday, December 1, 2017

The possibility of lower tax rates has excited market participants since the election. And no economist disputes that lower taxes stimulate economic growth. They clearly do. All things equal, lower corporate taxes should flow directly...

 

Monday, October 9, 2017

IMPACT INVESTMENT UPDATE This month many of our clients have begun taking positions in "microfinance" institutions that lend for a variety of socially impactful purposes -- from small business lending to women's empowerment to...

 

Monday, October 9, 2017

MARKET REVIEW The bull market for US equities accelerated in the third quarter, with the S&P500 adding nearly 4% to reach a 12.5% return for the year-to-date. The markets remained relatively unfazed by multiple hurricanes and...

 

Tuesday, July 11, 2017

Investors were blessed with a generally synchronized bull market in the Second Quarter of 2017. Equity markets, both foreign and domestic, surged higher in the year's first half, advancing by between nine and eleven percent. Given that...

 

Thursday, June 1, 2017

US President Donald Trump announced his intention to "withdraw" the United States from the Paris Climate Accords -- an action that is largely unnecessary and accomplishes little in the way of positive impacts on the US economy.

 

Friday, May 26, 2017

The American public is highly distrustful of financial advisors, with a third firmly convinced that an advisor would cheat them if given the chance. It will take time to rebuild that trust. Because it arrives by foot but leaves by Ferrari.

 

Sunday, May 21, 2017

Time to Choose Up Sides... Early in my career, I worked for an Investment Strategist who identified a "theme" that drove our firm's investment direction. It was 1993, and this theme focused on the power of unleashing the human capital in...

 

Saturday, April 8, 2017

Legendary investor Warren Buffett coined the term "economic moat" to describe companies that have highly defendable competitive advantages -- a brand reputation, economies of scale, patents and trademarks, and so on. These...

 

Monday, January 23, 2017

"Never has there been a more exciting time for all of us to explore this great next frontier where boundaries between work and purpose are merging into one, where doing good really is good for business." Sir Richard Branson -- CEO,...

 

Saturday, December 17, 2016

As the outcome of US presidential election began to come into focus, markets around the world fell sharply. Even US stock futures fell, signaling a tough morning was ahead of us. But by 9:30am Eastern Time, investors had begun to...

 

Monday, November 14, 2016

For those who are closest to the sustainable business movement, the US elections and referendum results in the UK would seem to portend more difficult terrain going forward. And while progress on climate action will be far more...