Auour Investments
162 Main Street #2
Wenham, MA 01984
Articles by Auour Investments
Dollar Dominance
The media often plays up the narrative that the U.S. dollar is about to lose its dominance. We can understand…
Kenneth J Doerr
Ken Doerr’s 22 years of experience includes successfully managing funds with both growth and value mandates, long/short hedge funds, long-only portfolios, quantitative research, and risk modeling. Prior to the founding of Auour, Ken was a Senior Portfolio Manager Mid/SMid-Cap Growth and Head of Quantitative Research for Evergreen Investments Fundamental Equity Group. Prior to Evergreen, Ken was Founding Partner, Chief Investment Officer of Trilene Endeavour Partners, a newly-organized firm offering Market Neutral U.S. Equity Hedge Fund. Ken was a Portfolio Manager at 2100 Capital Group, a subsidiary of Marsh & McLennan, managing the 2100 Capital Endeavour Fund, a market neutral equity hedge fund. Prior to 2100 Capital Group, he was a Senior Vice President and Portfolio Manager at Putnam Investments where he managed a $1 billion dollar sub-account of the Mid-Cap Putnam Vista Fund, a growth fund, and a $3.5 billion sub-account of the Specialty Growth Putnam New Opportunities Fund. Ken served as a member of the portfolio team at Equinox Capital Management that managed a $4.5 billion dollar sub-advisor account of Vanguard Windsor II, a large cap-value oriented fund. He was the portfolio manager for the Equinox Mid-Cap Value Fund. Before joining Equinox, Ken was a Senior Quantitative Analyst at Sanford C. Bernstein. He earned an M.S. in Electrical Engineering from Brown University and a B.E. in Electrical Engineering from the Cooper Union. Ken resides in Bolton, MA with his wife of 17 years, his daughter, two cats, two dogs, and one horse.
Joseph B Hosler
Joseph Hosler, CFA, brings 23 years of investment experience serving the needs of large institutional clients. His background includes portfolio management and investment analysis, predominantly focused on domestic and international public companies. Prior to the founding of Auour Investments, Joe led investment activities within various sectors at Pioneer, Babson Capital, Putnam Investments, and Independence Investment Associates (IIA). While at IIA, Joe drove the effort to design, develop, and launch one of the first quantitatively driven tax efficient investment approaches focused on individuals and taxable organizations. Joe holds an MBA from The Darden School of the University of Virginia, as well as, a B.S. and M.S. in Mechanical Engineering from Boston University. He is an active volunteer within his community and currently sits on the Boston Security Analysts Society’s Strategists/Economists Subcommittee and the Montserrat College of Art Investment Committee. Joe resides in Wenham, MA with his wife of 25 years, two children and three dogs (soon to be four).
Robert Z Kuftinec
Robert Kuftinec has a background in corporate finance having worked in both investment banking and private equity. Prior to the founding of Auour, Robert was a Managing Director at TransOcean Capital where he was responsible for significant foreign equity and real estate investments in the United States. Prior to TransOcean, he was a Managing Director at Overture Capital Partners, a private equity investment firm focused on the middle market, and a Managing Director at Shields & Company, a Boston-based investment bank. Robert has been active on several corporate Boards of Directors including those at the Deutsche Asset Management Small Cap Fund (NYSE), Stronghaven, Inc., and Halcore Inc. He also has been a board member and treasurer at several non-profit organizations. He has an undergraduate degree from Babson College and earned an MBA from the Darden School at the University of Virginia. Robert resides in Carlisle, MA with his wife of 19 years and two children.
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Perspectives on Past Downturns
We sit 13 months since the equity markets hit their high. The low in equity prices occurred about five months…
Patience Required
From The Perfect Storm: Our investment objective is to produce above-market, risk-adjusted returns—over an investment cycle— at a lower level…
A Changing Story
(Au)our Monthly Newsletter This past year experienced a change in the investment story. The year started with the belief that…
Auour Investments – Nobu’s Notes – September FOMC Minutes
Once again, we would like to introduce you to an informal advisor to the firm, Nobuya Nemoto, who brings an…
No Dummy Can Crash Proof Client Portfolios
Dear Advisor, Investment markets have produced strong returns. But they also produce anxiety during uncertain times. Auour is here to…
Two Economists and a Hangover
(Au)our Monthly Newsletter It is hard to shake a stick without hitting an economist these days. And given how lousy…
Auour Investments: September FOMC Press Conference
Nobu’s Notes September FOMC Press Conference Once again, we would like to introduce you to an informal advisor to the…
Auour Investments: Nobu’s Notes
Jackson Hole The annual conference of central bankers has kicked off in Jackson Hole, WY and we want to address…
Nobu’s Notes: July FOMC Minutes
Nobu’s Notes July FOMC Minutes The market rally experienced over the past month is a direct result of the FOMC’s…
Auour Investments: Tracking Inflation
(Au)our Monthly Newsletter Will the Federal Reserve continue to fight inflation if the economy tanks? Will the Fed pivot to…
This is Volatility – (Au)our Monthly Newsletter
Let’s start with a few historical observations: Equity markets have gone up 80% of the time when viewed on a…
A New Regime
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Rock, Meet Hard Place
(Au)our Monthly Newsletter “So I just don’t think a lot of people have seen this. When’s the last time anyone…
Craving Antifragility – Embrace Uncertainty
Two thoughts from Oliver Burkeman (h/t @jposhaughnessey) “True security lies in the unrestrained embrace of insecurity—in the recognition that we…
February Snippet: Inflation
Inflation is on everyone’s mind and energy pricing has been a significant contributor. We have been discussing our concern that…
The Sirens’ Song
(Au)our Monthly Newsletter The world’s addiction to low interest rates reminds us of the Sirens of Greek mythology who allegedly…
No More Mr. NICE Guy
In our May 2021 newsletter, Breaking Windows, we discussed inflation and its impact on the investment markets. We said the…
Paper Towns
By Aurour Investments We recently watched a TED talk by fiction author John Green. He opened his talk by discussing Agloe,…
An Unstable Equilibrium
We are keeping with our summer series of more charts and fewer words. Most of this newsletter will be discussing…
Auour’s Word of the Day – Insouciance
If you follow us on LinkedIn, you will notice our desire to improve our vocabulary through the launch of the…
Breaking Windows
“Everyone wants to live at the expense of the state. They forget that the state wants to live at the…
Living on a Thin Line
In the early 1980’s, Dave Davies, of the English rock band the Kinks, wrote the song, “Living on a Thin…
Even Superman Had Kryptonite
“One generation passeth away, and another generation cometh: but the earth abideth for ever.” – Ecclesiastes 1:4 Note: We have…
Eerily Similar
It has always puzzled us when relatively recent history repeats itself, especially since we have the ability to study and…
Auour Investments: Quarterly Commentary – 4Q20
Absolutes “In the short run, the market is a voting machine but in the long run, it is a weighing…
Reflecting on the Tech Bubble of 2000 and the Great Financial Crisis
“…the most dramatic thing that’s almost ever happened in the entire world history of finance.” – Charlie Munger when discussing…
Auour Investments: The Quarter in Review
“When sorrows come, they come not single spies, but in battalions.” —Claudius, in Hamlet By Joseph B Hosler, Auour Investments The second…
The Markets Heat Can’t Offset the Economic Chill
By Joseph B Hosler, Auour Investments Over the long term, measured in years, the investment markets mimic the overall economy. We have…
Arrogance of the Modern
“The essence of intelligence is the ability to predict. To plan ahead, we simulate the world. The optimal action taken…
Quarter in Review: Covid-19 Throws Investment Markets for a Loop
“Let everything happen to you: beauty and terror. Just keep going. No feeling is final.” — Rainer Maria Rilke The…
A Tug of War with No Clear Winner
“By suppressing volatility, central banks created a system unable to deal with bad news. Or to put it another way,…
Was That a Pothole or the Start of Rough Roads Ahead?
By Joseph B Hosler, Auour Investments This is the question we are all asking ourselves as the Federal Reserve throws money at…
Are We Entering a Pandemic Already Sick?
By Joseph B Hosler, Auour Investments You have a water leak in your basement. You call a plumber in the middle of…
Is Leverage Building to a Breaking Point?
“When you combine ignorance and leverage, you get some pretty interesting results.” — Warren Buffett By Auour Investments Before we look…
Increasing Fragility As Major Central Banks Add Stimulus to Global Financial System
By Auour Investments Well-intentioned plans can bring unintended consequences. The world’s major central banks have been adding stimulus to the global…
Warren Buffett: The Investor of Today Does Not Profit from Yesterday’s Growth
The Quarter in Review By Joseph Hosler, Auour Investments “The investor of today does not profit from yesterday’s growth.” — Warren Buffett…
Is the Age of Illusion Coming to an End?
By Joseph Hosler, Auour Investments Two weeks ago, Jamie Dimon, the CEO of JP Morgan, said, “So, we have taken liquidity…
The Sound of Money Dying
By Joseph Hosler, Auour Investments Wealth can be created and destroyed. Wealth is created when the investment of time, money, and…
This Is Not About Trade
By Joseph Hosler, Auour Investments Markets have been exceptionally volatile this year as trade rhetoric between China and the U.S. hits…
Auour Investments: The Second Quarter in Review
By Joseph Hosler, Auour Investments The second quarter of 2019 continued the first’s optimism but with a considerably more modest tone.…
Wins Above Replacement
By Joseph Hosler, Auour Investments Wins above replacement (WAR) is a baseball metric that describes a player’s value in terms of…
Beware of Investments That Appear Stable Yet Carry Hidden Volatility
By Joseph Hosler, Auour Investments “I don’t want to belong to any club that would accept me as one of its…
No Free Lunch: The Cost of Achieving Markets’ Potential is Suffering
By Joseph Hosler, Auour Investments The global equity markets provide the closest thing we have to a free lunch. With little…
It May Not Be Over Yet for Volatile Markets
By Joseph Hosler, Auour Investments After a very dismal December (one of the worst market declines in history) and a powerful…
6 Items to Research When Selecting a Tactical Manager
By Joseph Hosler, Auour Investments The number of tactical ETF Strategists has increased since the 2008 Financial Crisis as advisers look…
Building the Jigsaw Puzzle After Q4 Ended in Rough Shape
By Auour Investments The fourth quarter ended in rough shape with major equity markets around the globe experiencing one of…