Bull markets are born on pessimism They grow on skepticism They mature on optimism They die in euphoria -Sir John Templeton Value investor Shelby Davis once said, “You make most of your money in a bear market; you just don’t know it at the time.” For those who may not have... read more →
Dec
06
May
25
I took a few days off last week for a little getaway. Flying back on Sunday, I was able to read the Wall Street Journal Weekend edition. A cover story in Section C was a review of the trade war between the U.S. and China that kicked off in 2018.... read more →
Feb
28
These events underscore our conviction that the essential challenge to long-term successful equity investing is neither intellectual nor financial, but behavioral; it is how one reacts, or chooses not to react, to market declines that will determine long-term financial success. Less than 60 days ago, we delivered our end of... read more →
Feb
04
Long-term successful equity investing is neither intellectual nor financial, but temperamental: it is how one reacts, or chooses not to react, to market declines. As the new year kicks off, I thought it would be helpful to briefly recap our shared investment philosophy (I hope you agree), and then share... read more →
Dec
06
This past Sunday marks a most significant anniversary in the economic and financial history of the United States, and I could not let it pass without comment. When properly appreciated, it can serve as an importantly teachable moment. For it was a quarter century ago, on the night of Thursday,... read more →
Sep
21
There was a little bit of a downturn in the stock market yesterday, around 1.7% if I recall. I really didn’t pay attention too much to the news. So, what of it? In the few fleeting seconds I was forced to watch a news story yesterday, I heard “plummet”, “collapse”... read more →
Aug
27
My commute to the office, if you can call it a commute, is about one and a half miles. Total drive time is about 7 to 8 minutes. Often, I will listen to some smooth jazz or something similar, or just have the windows down and feel a warm breeze.... read more →
Jul
07
As America continued to recover from the COVID-19 pandemic in the first half of 2021, the economy and the equity markets made significant progress. My midyear report to you is, as always, divided into two parts. First is a brief recap of our shared investment philosophy; second is my perspective... read more →
Jan
14
Once in a very great while, there comes a year in the economy and the markets that may serve as a tutorial—in effect, a master class in the principles of successful long-term, goal-focused investing. 2020 was just such a year. On December 31, 2019, the Standard & Poor's 500-Stock index... read more →
Jun
03
It goes by many names. Some call it a “rainy-day fund” or an “emergency fund”; others refer to it as “mattress money”. Whatever you call it, the function is the same. It is a buffer of protection against life’s unexpected occurrences. Think of it as insurance against some sort of... read more →
