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Jun 306 min
2Q 2024 Client Letter
We have been asked repeatedly “why don’t you own Nvidia?” The answer, simply, is high valuation.
Mar 317 min
1Q 2024 Client Letter
Equity markets sustained their upward momentum in the first quarter of 2024, pushing many large capitalization stocks to fresh all-time...
Dec 31, 20237 min
4Q 2023 Client Letter
One of the great parlor games of Wall Street pundits is to forecast the value of the indices for the upcoming year. 2022 was another...
Sep 30, 20234 min
3Q 2023 Client Letter: TINA Has Left the Building
The third quarter market activity reminded investors of two facts: 1) the equity markets are subservient to the larger debt markets, and...
Jun 30, 20234 min
2Q 2023 Client Letter
The quarter began with some trepidation in the markets due to a banking crisis, which was a result of a few poorly run institutions and...
Mar 31, 20234 min
1Q 2023 Client Letter
In the first quarter of 2023, the market continued its rebound off the October 2022 low and many of last year’s biggest losers became...
Dec 31, 20224 min
4Q 2022 Client Letter
As we leave 2022 in the rear-view mirror, many of us will bid it “good riddance”. From the market high on January 3rd, a barrage of news...
Sep 30, 20223 min
3Q 2022 Client Letter
Dear Clients, The third quarter brought continued tumult and market volatility. The S&P 500 increased 12.75% from July 1 until August 16...
Jun 30, 20226 min
2Q 2022 Client Letter
Dear Clients, As most of you are likely aware, the second quarter brought market volatility with an overall downward trend. The equity...
Mar 31, 20224 min
1Q 2022 Client Letter
The first quarter of 2022 was remarkable for a couple of events: the persistent pressure of inflation on the economy and the Russian...
Dec 31, 20215 min
4Q 2021 Client Letter
Despite facing unprecedented stresses due to another year of COVID-19, the equity markets experienced outstanding returns in 2021. Who...
Sep 30, 20215 min
3Q 2021 Client Letter
At Heron Bay Capital Management, we believe quality businesses with superior economics will generate superior investment results over the...
Jun 30, 20214 min
2Q 2021 Client Letter
In the second quarter of 2021, we saw some volatility related to concerns about inflation and the consequent effects on interest rates....
Mar 31, 20216 min
1Q 2021 Client Letter
In the first quarter of 2021, we saw very positive market performance in equities that was largely attributable to several factors:...
Dec 31, 20205 min
4Q 2020 Client Letter
We launched Heron Bay Capital Management on January 1, 2020 with great excitement and enthusiasm. Our vision was and is to be a boutique...
Sep 30, 20207 min
3Q 2020 Client Letter
It has been a year for the record books. A market which started the year on an optimistic note, had an unprecedented rapid decline, the...
Jun 30, 20209 min
2Q 2020 Client Letter
What a difference a few weeks can make! Following one of the sharpest declines in history during the first quarter of 2020, we saw one...
Mar 31, 20206 min
1Q 2020 Client Letter
Thank you for your support of our new firm, Heron Bay Capital Management. As an independent firm dedicated to the management of the...