https://jafarmanagement.pplx.app/blog.html Quarterly market updates and portfolio letters from Faris Jafar, Chief Investment Officer of Jafar Management. en-us Tue, 22 Sep 2026 16:58:07 +0000 https://jafarmanagement.pplx.app/blog/q3-2025-market-update.html https://jafarmanagement.pplx.app/blog/q3-2025-market-update.html Market Updates Tue, 28 Oct 2025 12:00:00 +0000 The Federal Reserve is lowering interest rates to address softness in the labor market and taking the view that tariff-related inflation is likely to be transitory. The prospect of lower interest rates in combination with more policy certainty out of… https://jafarmanagement.pplx.app/blog/q2-2025-market-update.html https://jafarmanagement.pplx.app/blog/q2-2025-market-update.html Market Updates Tue, 28 Oct 2025 12:00:00 +0000 Current inflation readings are trending lower and the Federal Reserve is lowering interest rates. Market sentiment improved dramatically during the quarter as trade-war fears eased and attention shifted to government stimulus (via the hotly debated “One… https://jafarmanagement.pplx.app/blog/q1-2025-market-update.html https://jafarmanagement.pplx.app/blog/q1-2025-market-update.html Market Updates Mon, 07 Apr 2025 12:00:00 +0000 Current inflation readings are trending lower and the Federal Reserve is lowering interest rates. Despite the progress on inflation, market sentiment turned negative due to uncertainty around U.S. trade policy, government spending cuts, Artificial… https://jafarmanagement.pplx.app/blog/q4-2024-market-update.html https://jafarmanagement.pplx.app/blog/q4-2024-market-update.html Market Updates Fri, 24 Jan 2025 12:00:00 +0000 Inflation is trending down to the Fed’s target 2% and interest rates are expected to follow lower. Looking into 2025 and beyond, I believe our diversified portfolio of market-leading franchises is well positioned to deliver strong results given the deeply… https://jafarmanagement.pplx.app/blog/jafar-management-our-origin-story.html https://jafarmanagement.pplx.app/blog/jafar-management-our-origin-story.html Firm News Fri, 25 Oct 2024 12:00:00 +0000 I’ve had the pleasure of being friends with Faris for many decades. Over this time, I witnessed his impressive professional career, and his personal journey from a young college graduate on Wall Street to the founder of a successful investment firm,… https://jafarmanagement.pplx.app/blog/q3-2024-market-update.html https://jafarmanagement.pplx.app/blog/q3-2024-market-update.html Market Updates Wed, 02 Oct 2024 12:00:00 +0000 Portfolio performance was driven by inflections in strategic allocations to sectors that I expect will generate multiples-of-money for our Partnership. In September, the Federal Reserve started reducing interest rates as its focus shifts away from stemming… https://jafarmanagement.pplx.app/blog/q2-2024-market-update.html https://jafarmanagement.pplx.app/blog/q2-2024-market-update.html Market Updates Tue, 16 Jul 2024 12:00:00 +0000 Inflation continues to cool while the economy and jobs market are showing signs of stress which will prompt the Federal Reserve to cut interest rates. For the broader equity market, euphoria around Artificial Intelligence (“A.I.”) resulted in extraordinary… https://jafarmanagement.pplx.app/blog/q1-2024-market-update.html https://jafarmanagement.pplx.app/blog/q1-2024-market-update.html Market Updates Thu, 18 Apr 2024 12:00:00 +0000 Equity markets were buoyed by positive employment and economic data which generally benefited stocks that skew to procyclical sectors. Bond markets (and less cyclical equities) lagged as the stronger economic data, elevated federal government deficit… https://jafarmanagement.pplx.app/blog/q4-2023-market-update.html https://jafarmanagement.pplx.app/blog/q4-2023-market-update.html Market Updates Fri, 12 Jan 2024 12:00:00 +0000 Cooling inflation, lower interest rates, and stable economic data led to an improvement in market sentiment which drove broad-based positive Fund performance in the quarter. I believe our diversified portfolio of market-leading franchises is well… https://jafarmanagement.pplx.app/blog/q3-2023-market-update.html https://jafarmanagement.pplx.app/blog/q3-2023-market-update.html Market Updates Mon, 16 Oct 2023 12:00:00 +0000 Market sentiment softened late in the quarter due to three factors contributing to economic recession concerns, all of which are transitory in my view: While the Federal Reserve has paused raising interest rates, U.S. Treasury bonds (and the broader bond… https://jafarmanagement.pplx.app/blog/q2-2023-market-update.html https://jafarmanagement.pplx.app/blog/q2-2023-market-update.html Market Updates Wed, 19 Jul 2023 12:00:00 +0000 Government intervention appears to have addressed concerns related to bank failures and inflation continues to show signs of cooling. While the interest rate-driven headwinds to the economy are unfolding in the near-term, the lower inflation readings… https://jafarmanagement.pplx.app/blog/q1-2023-market-update.html https://jafarmanagement.pplx.app/blog/q1-2023-market-update.html Market Updates Fri, 14 Apr 2023 12:00:00 +0000 Many of last year’s stock market laggards are rebounding as inflation, interest rates and currency headwinds abate. The real economic impacts of the interest rate hiking cycle have become more pronounced as demonstrated by the widely publicized bank… https://jafarmanagement.pplx.app/blog/q4-2022-market-update.html https://jafarmanagement.pplx.app/blog/q4-2022-market-update.html Market Updates Thu, 19 Jan 2023 12:00:00 +0000 While the volatility in 2022 was disappointing, there is reason for optimism as many of these headwinds are improving. Specifically: A long-term oriented strategy will inevitably face periods of underperformance given the volatility inherent in short-term… https://jafarmanagement.pplx.app/blog/q3-2022-market-update.html https://jafarmanagement.pplx.app/blog/q3-2022-market-update.html Market Updates Thu, 06 Oct 2022 12:00:00 +0000 The reasons for downward pressure on global asset values this year remain the same (i.e. inflation, interest rates, recession and the Ukraine/Russia conflict). As long-term investors, our strategy prefers dominant businesses that can scale globally (to… https://jafarmanagement.pplx.app/blog/q2-2022-market-update.html https://jafarmanagement.pplx.app/blog/q2-2022-market-update.html Market Updates Thu, 07 Jul 2022 12:00:00 +0000 The second quarter saw a continuation of the broad-based market volatility experienced in the first quarter due to macroeconomic and geopolitical concerns (i.e. inflation, interest rates, recession and the Ukraine/Russia conflict). The confluence of these… https://jafarmanagement.pplx.app/blog/q1-2022-market-update.html https://jafarmanagement.pplx.app/blog/q1-2022-market-update.html Market Updates Wed, 20 Apr 2022 12:00:00 +0000 A combination of macroeconomic and geopolitical concerns has led to heightened market volatility during the last few months. The short-term selling pressure has been acute particularly in companies exhibiting the characteristics we find most attractive for… https://jafarmanagement.pplx.app/blog/q4-2021-market-update.html https://jafarmanagement.pplx.app/blog/q4-2021-market-update.html Market Updates Sat, 22 Jan 2022 12:00:00 +0000 Our research continues to show that we are invested in the highest quality franchises that are best positioned to capture a structurally higher proportion of the global economy. We remain focused on our long-term mandate to grow real economic wealth with… https://jafarmanagement.pplx.app/blog/q3-2021-market-update.html https://jafarmanagement.pplx.app/blog/q3-2021-market-update.html Market Updates Fri, 08 Oct 2021 12:00:00 +0000 Business fundamentals of our investments remains exceptional. For the most recent earnings quarter (ending June 30th, 2021), our 22 Long investments collectively reported a record $381 billion of revenue representing +36% growth versus the same quarter in… https://jafarmanagement.pplx.app/blog/q2-2021-market-update.html https://jafarmanagement.pplx.app/blog/q2-2021-market-update.html Market Updates Fri, 09 Jul 2021 12:00:00 +0000 Fundamentally speaking, all of our Long investments reported strong earnings results and their respective management teams are seeing accelerating profit momentum in their businesses. Given the robust fundamental trajectory and long runway for structural… https://jafarmanagement.pplx.app/blog/q1-2021-market-update.html https://jafarmanagement.pplx.app/blog/q1-2021-market-update.html Market Updates Fri, 16 Apr 2021 12:00:00 +0000 Market participants are selling growing, high-quality, profitable businesses to chase inferior assets. It’s worth noting that this dynamic is broad-based and industry agnostic. In fact, despite all the attention given to “tech bubbles”, the best performing… https://jafarmanagement.pplx.app/blog/q4-2020-market-update.html https://jafarmanagement.pplx.app/blog/q4-2020-market-update.html Market Updates Wed, 20 Jan 2021 12:00:00 +0000 Our research suggests that we are invested in the most profound structural growth themes and the most dominant franchises that will capture the majority of cash flow in the global economy. Importantly, given the scalability of wealth, our prudent portfolio… https://jafarmanagement.pplx.app/blog/q3-2020-market-update.html https://jafarmanagement.pplx.app/blog/q3-2020-market-update.html Market Updates Thu, 08 Oct 2020 12:00:00 +0000 Despite the incessant chaos throughout 2020, our strategy is unchanged and we stay focused on our long-term mandate, specifically: to grow real economic wealth with capital preservation as a primary consideration. While 2020 is certainly an outlier with… https://jafarmanagement.pplx.app/blog/q2-2020-market-update.html https://jafarmanagement.pplx.app/blog/q2-2020-market-update.html Market Updates Fri, 10 Jul 2020 12:00:00 +0000 While the second quarter results appear quiet on the surface, we observed significant underlying volatility as the world attempts to digest the impacts of COVID-19, government-mandated economic shutdown, trade wars, cold wars, potential COVID-19… https://jafarmanagement.pplx.app/blog/q1-2020-market-update.html https://jafarmanagement.pplx.app/blog/q1-2020-market-update.html Market Updates Sat, 11 Apr 2020 12:00:00 +0000 I hope this letter finds you and your loved ones safe and well. The COVID-19 pandemic has brought human tragedy, a shut-down of economic activity, fear, panic and uncertainty. My thoughts and prayers go out to the families and front-line heroes combating… https://jafarmanagement.pplx.app/blog/q4-2019-market-update.html https://jafarmanagement.pplx.app/blog/q4-2019-market-update.html Market Updates Wed, 19 Feb 2020 12:00:00 +0000 It is my pleasure to welcome you to the Jafar Liquid Strategies LP (“JLS”) first annual letter. I’d like to start by saying that I am humbled by the magnitude of your support; your partnership is an honor that has made possible the very writing of this…