February 2019
Dear Investors, On February 25th, Warren Buffett was interviewed at length by CNBC.  I only saw highlights of it, but there was some very interesting conversation regarding banks. “On CNBC, Buffett said that JPMorgan Chase, Berkshire’s newest big holding, is attractively priced. He noted that investors should be willing to pay at least three times...
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Dear Investors, It is very easy for market participants to project recent history far into the future.  How many people remember that between 1995 to March 2009, the S&P 500 returns actually lagged those of lowly Treasury bills?  That might not seem like a big deal today looking in the rear-view mirror, but for people...
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Dear Investors, On Monday, a positive step was made towards resolving the Puerto Rico debt restructuring, as the judge approved the Plan of Adjustment for Puerto Rico’s COFINA sales tax bonds. COFINA senior and junior bondholders will recover 93 cents and 56.4 cents on the dollar, respectively. Puerto Rico benefits by saving $17 billion in...
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Dear Investors, The 4th quarter of 2018 was truly fascinating from the perspective of investor psychology. In the beginning of the downturn, most market participants were still quite optimistic that it was just a temporary setback in a bull market. As the quarter progressed and the selling picked up steam, the psychology turned to fears...
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