CHARLES FISH INVESTMENTS, INC.

A Brentview Company

NEWS & INSIGHTS
Q4 Market Outlook January 10, 2025 CHARLES W. FISH, CEO/CIO / FOUNDER This quarter’s Chairman’s Letter was initially intended to focus on stubborn inflation, the outlook for changes in tax policies and the prospects for economic growth. That letter was displaced on January 7th, when fire and extreme winds commenced to devastate 5,000+ structures in Pacific Palisades. At this writing, that fire is only 8% contained. That fire is not alone. The extreme winds have created many other fires in L.A. County. Several remain uncontained. The Eaton fire (Pasadena) has an estimated loss of 4,000 structures. An estimated 360,000 persons have been displaced so far. Fifty years ago, casualty insurance companies would be selling portions of their securities portfolios to fund claims payments. The situation is quite different now. To start with, many insurance companies have stopped selling fire insurance in California altogether. Others have dramatically increased the premiums charged, putting their policies out of reach for many. California’s FAIR Plan policies are not inexpensive and represent only a 4% market share. Vast numbers of homeowners are destined to lose everything unless the State and/or the Federal government come to the rescue. With the Biden White House set to transfer to Trump in 10 days, help from that quarter is less assured. The estimated cost of recovery from the devastation is all over the map. Consensus is now around $50 billion, but with new blazes continuing to emerge, that number could rise.1 Recovering from the disaster will include the need to issue an increased amount of municipal debt in California, beyond what was already predicted to be a record volume year. With the strong jobs report just released and a decline in the December unemployment rate, higher yields on long and intermediate duration tax exempt bonds are likely to continue for some months to come. 1 The Palisades and Eaton fires are now the third and fourth most destructive wildfires in California, respectively. The 2018 Camp Fire was the most devastating on record, with over 18,000 structures destroyed and cost insurers about 12.5 billion.

Promontory Point, Utah, 1869

Charles Fish Investments, Inc. (CFI) 
has merged with Brentview Investment Management, LLC.

Dear Friends,

 

I am pleased to announce that Charles Fish Investments, Inc. (CFI) has just merged with Brentview Investment Management, LLC.  For over a year, CFI has been searching for a partner whose investment philosophy and dedication to their clients would be compatible with CFI’s. Importantly, we wanted a partner that could help our existing clients as well as promote CFI’s growth. Brentview recognizes the unique value we bring to our clients and will not change the manner in which CFI conducts its business. With offices in Chicago and Los Angeles, they make an ideal partner for us. They have received a five-star overall rating from Morning Star and were recently featured in US News and World Report. I’ll be sending you more information about them soon.

 

CFI will continue to manage client portfolios just as we have these many years and the people you have come to rely on will be the same.  I have personally committed to many more years of service. I can’t tell you how much I appreciate the loyalty you all have given CFI and I promise that you can continue to count on the same level of performance, service and integrity as in the past.

 

Please give us a call anytime if you have any questions or would like further information.

 

Be well,

Charles W. Fish

CEO/CIO/FOUNDER

 

PORTFOLIO

VS FUNDS

STRATEGY

MARKET

OUTLOOK

30 Corporate Park | Suite 410

Irvine, California 92606

Email

Phone: 949 296 3970

CHARLES FISH INVESTMENTS, INC. (CFI), founded in l984, is a Registered Investment Adviser with the Securities and Exchange Commission under the Investment Act of l940. CFI is an affiliated subsidiary of Brentview Investment Management, LLC.  CFI’s revenues are derived exclusively from the fees received for the investment advisory and/or management services provided.

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