Eubel Brady & Suttman Asset Management, Inc

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Fourth Quarter 2023

Key points for the quarter include: The year ended on a high note; Seth Klarman succinctly summed up resisting temptation; returns and cash flow matter; fixed-income made a strong showing after a rough 2022; record U.S. oil production reduced the potential economic impact of unrest in the Middle East; and we continue our series, Risk vs. Uncertainty and the Investment Decision-Making process.

Third Quarter 2023

Key points for the quarter include: Headwinds prevailed; S&P 500 cap-weighted vs. equal-weighted performance disparity; yield curve flattened, making it less inverted; we provide historical context for negative calendar year stock and bond returns; minerals may create new boom towns in America; and we introduce a new series, Risk vs. Uncertainty and the Investment Decision-Making process.

Second Quarter 2023

Key points for the quarter include: Headline S&P 500 performance does not tell the whole story; the yield curve remains inverted; excess savings are being depleted; we discuss the expectations treadmill; and it is important to stay the course.

First Quarter 2023

Key points for the quarter include: Five days and 15 ballots to elect the Speaker of the House was not a record; the pace of Fed rate increases slowed during the quarter; market concentration is declining but is still elevated; the yield curve is deeper into inverted territory; and we share a few comments about investment account custodians.