Running up debts to buy foreign goods is unsustainable in the long term. Identifying the problem is simple, but we see no easy or quick escape for the U.S. from the imbalances built up over the last four decades.

Low interest rates over the last 15 years have kept borrowing costs low. However, as interest rates have risen in recent years, borrowing costs have increased, but so have fixed income investment opportunities.

With a contentious presidential election on the horizon, markets are bound to be volatile between now and November. However, in our view, long term investment decisions should not be guided by political emotion.

Take a look at the Berkshire Hathaway Shareholders meeting through a pair of fresh eyes.

This year's meeting paid tribute to Charlie Munger, who passed away in November 2023, just shy of his 100th birthday.

Following years of low interest rates, bonds are once again becoming more attractive investments as interest rates rise.

As 2023 came to a close, many economic forecasts proved incorrect. Moving into 2024, we will continue to seek out long term opportunities based on solid business fundamentals.

This year's rise in long-term interest rates is pushing longer term borrowing costs higher. However, we believe income-oriented investors will find new opportunities in long-term bonds, while strong businesses continue to increase dividends.

While the recent bank failures may have alarmed investors, we believe they were caused by circumstances unique to those particular banks, and do not suggest a wider financial crisis on the horizon.