HYBRID VIGOR: VOL 3 ISSUE 32 "The Toothpaste and the Tube"

Welcome back from what we hope was a very pleasant end to the summer.  Now, back to our regularly scheduled programming.

We hesitate to fall into the trap of saying how bad things are getting. There is much to be thankful for, almost three months before the day we usually say so. Still, a number of ill winds are blowing—not just with a lot of the boiling hostility in this country but with headlines elsewhere. Just this morning, as we prepared to publish our return issue, we read about a far-right populist German party outpolling Chancellor Merkel’s own party. We also read about how desperately in need of repair are the public schools in Toronto, our northern neighbor’s largest and richest city.

In a Brexit update in this issue Roman Terekhin addresses the common international forces giving life to these ill winds.  The discussion, Roman suggests, has to begin, and it has to be centered around how we take all our advancements and use them to help a larger portion of the population share in the benefits. The technological advancements aren’t going away. The toothpaste isn’t going back into the tube. This isn’t a question of political philosophy. It’s an issue of economic growth, which ultimately benefits virtually everyone.

Good news, anyone? Two new deals announced today, and we’re told by reliable sources that more are coming. Has the death of convertibles, announced by so many sages, been exaggerated? It is, after all, an asset class that’s been around for at least 150 years. We expect to have comments about them out later in our traditional Hillside Alerts format.

And more good news. We at Hillside Advisors are very excited to announce that we have formed a strategic alliance with Balanced Growth Advisors of Worcester, Massachusetts.  Our friends at BGA were among the earliest readers of Hybrid Vigor. Our two firms realized this year that we share a belief in the value of the convertible asset class that goes beyond the in-and-out phases that distract so many others. We are both small, young firms with veteran principals, and we are both excited to work together.

(This is the cover letter for the subscription-based weekly Hillside's Hybrid Vigor newsletter. For a complete copy, please contact John Anderson at + 1 (646) 712-9289 x 107).