A monthly dispatch, between the quarterly letters.
Written personally by John Woodard III. Delivered by email, archived here.
The Running Thesis is a new addition to the firm’s publishing schedule. Where the quarterly newsletter provides the considered commentary of the full Investment CommitteeInvestment CommitteeThe group of advisors at the firm responsible for collective investment decisions. Our committee meets twice weekly, and more often as market conditions warrant.Close × over a three-month window, The Running Thesis offers a shorter, more timely read, written personally by John Woodard III, that captures what has actually moved, and why, over the preceding weeks.
Each issue reflects John’s ongoing research and cutting-edge insights into markets, economic data, interest rates and commodities, portfolio considerations, and the ideas and themes drawing our attention. All content is reviewed within the firm’s compliance framework before publication, in keeping with our obligations as a fee-onlyFee-OnlyA firm compensated exclusively by its clients through agreed-upon advisory fees. Fee-only advisors accept no commissions, revenue-sharing, or soft-dollar arrangements from product providers.Close × fiduciaryFiduciaryA person or firm legally required to place the interests of its clients above its own at all times. A fiduciary must disclose conflicts of interest and recommend only what is in the client’s best interest.Close × Registered Investment AdvisorRegistered Investment AdvisorAn investment firm registered with the United States Securities and Exchange Commission and held to a fiduciary standard. Registered Investment Advisors file a disclosure document called Form ADV that describes services, fees, and any conflicts of interest.Close ×.
The tone is conversational. The goal is practical. The Running Thesis is published here on the website and delivered directly by email to subscribers. The first issue will appear soon.
