June 2018
Dear Investors, Military history is riddled with examples where generals and nations were woefully unprepared for battle, due to their ill-founded notions that the next war would be the same as the last. A great example of this was World War 2. The French built the Maginot Line, which was an extensive network of concrete...
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Dear Investors, Equity markets are in a bit of a tailspin of late given concerns about the uncertainty of trade negotiations. Amazingly, financial stocks have declined a record 13 days in a row, which is creating some interesting value opportunities in the space. As I’ve discussed before, I’m not overly concerned about the issue of...
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Dear Investors, The Dow Jones index has been negative for 6 days in a row, which has put it in negative territory for the year. The S&P is still up modestly and fortunately we are outperforming thus far. Most people writing about this would say the market has been down due to trade concerns, but...
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Dear Investors, Last week I had the opportunity to give an interview with They asked some engaging questions and I thought that this would be good to share. If you get a few minutes, please give it a read. As always, if you have any questions or if I can help in any way,...
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