Welcome to the Gargoyle Commentary page. Click on the links below to explore some of our newsletters, featuring articles from the desk of Fund Manager Alan Salzbank. Additional Market Research and Commentaries produced by Gargoyle are available to Qualified Investors and Clients of Gargolye. To gain access to our proprietary content, please Contact Us. 

November, 2014

The Greatest Generation Does It Again

From the Desk of Alan Salzbank

This Veterans Day, my thoughts turned to the heroism and sacrifice of the Greatest Generation, and the generation that followed, who now comprise the majority of seniors in our country. Generations who came of age in the Great Depression, in the shadow of World War II, at the onset of the Cold War and during the social upheaval of the 60s. These generations stood fast in the face of the most wide-ranging conflicts the world has ever known, and went on to lead the country into an era of unrivaled prosperity. While there are few who would not acknowledge that those generations of men and women were there to aid our nation in past times of need and peril, I wonder how many realize that they have done it again...Read More



September, 2014

Index Options: A Powerful Hedge With a Positive Edge 

From the Desk of Alan Salzbank

When it comes time to construct portfolios, many investors overlook the potential benefits of listed options. While there could be many reasons that insufficient attention is paid to options, I believe that the main culprit is widespread misunderstanding of the nature and role of options in general, and specifically their potential to reduce the risk and enhance the returns of underlying equity holdings. With that in mind, let's take a closer look at some of the myths surrounding options...Read More


July, 2014

Independence Day?

From the Desk of Alan Salzbank

This July, many investors are anticipating another form of Independence Day - Independence from the Fed.  The current bull market in equities has been spurred in large part by the historically loose monetary policies of the Federal Reserve. Investors are now considering what sort of fireworks might ensue when the Fed finally ends the monthly injections of liquidity cumulatively known as Quantitative Easing, and allows the market a degree of independence it has not known since the financial crisis of 2008... Read More



June, 2014

White Flags and Black Swans

From the Desk of Alan Salzbank

This past June 14th saw the annual celebration of Flag Day, with the Stars and Stripes waving proudly in neighborhoods across the nation. In the intervening weeks, as the stock market has shown remarkable levels of complacency regarding risk, I found myself wondering what  investors who have been reluctant to get back into the market following 2008 would run up the flagpole next...Read More


May, 2014

The Top 5 Investing Lessons My Mother Taught Me

From the Desk of Alan Salzbank

This past Sunday, mothers everywhere enjoyed a well-deserved day in their honor, complete with breakfasts-in-bed, flowers and cards, and an endless variety of gifts from their children. Although we all know that we can never fully repay our mothers for all that they have given to us over the years, I am struck from time to time by how many of my mother's gifts are still with me today - gifts that came in the form of lessons taught to a child, but that would become the foundations of my professional philosophy. So, for anyone who has ever been told to "clear their plate," or "turn the lights off when you leave the room," this Mother's Day I present the top 5 investing lessons as taught to me by Claire Salzbank of blessed memory...Read More


April, 2014

The "Green Shoots" of Spring?

From the Desk of Alan Salzbank

For many of us here in the Northeast, particularly after a long, cold, snowy Winter, April is met with a sigh of relief and eager anticipation of the beautiful, sun-filled Spring days to come. While I would dearly love to embrace this meteorological optimism, I find that my enthusiasm is tempered by the knowledge that each Spring also brings a renewal of what has become an annual rite of passage called "The Battle of the Front Yard." ...Read More



March, 2014

Risk and the Ides of March

From the Desk of Alan Salzbank

On March 15th, of the year 44 B.C.E., Julius Caesar was assassinated in the Roman Senate chamber. After years of leading his armies to one victory after another, Caesar had led them across the Rubicon, igniting a civil war that resulted in his being declared dictator. Five years later, he lay dead on the Senate floor, and the Roman Republic was gone forever. Legend has it that when he saw his trusted friend Brutus among the conspirators, he offered no further resistance to his fate, saying only, "Et tu, Brute?" as the Senators fell upon him. How had such an astonishing fall come about?...Read More