First Quarter 2024 Client Investor Letter

Spring has sprung in Princeton, and we look forward to the warmer weather, longer days, and new growth. The financial markets are also vibrant, which we review in the attached investor letter.

In our letter, we discuss:

• Despite skepticism, resilience in the job market and robust manufacturing spending indicate a positive outlook for the U.S. economy.
• The stock market’s recent performance and earnings leadership are extending beyond Technology to multiple sectors. This is an important positive for future gains.
• We are witnessing the early stages of an infrastructure modernization megatrend, and we continue to search for the critical “picks and shovels” providers.
• As interest rates have risen and bond market expectations are (finally) aligned with the Fed, we see opportunities to extend bond maturities.

Please contact us if you want a copy of the entire letter.