Commentaries 30 Apr 2018 Skew This months comment is a continuation of our series on future equity returns. There have been a number of articles…
Commentaries 28 Feb 2018 Rethinking Asset Allocation This month our comment looks toward the next couple of decades, contending that current market returns combined with a reversal…
Commentaries 31 Jan 2018 Measuring Quality Made famous by Benjamin Graham back in the 1930s (who postulated that one’s loss would be greater buying a low…
Annual Letters 31 Dec 2017 Risk and Conviction “Since others may be smart, well‐informed and highly computerized, you must find an edge they don’t have. You must think…
Commentaries 30 Nov 2017 Why Capital Allocation Matters As we noted in our last commentary, the intrinsic value of any investment rests on the free cash flow the…
Commentaries 31 Oct 2017 Buying a Castle Over our past few monthly commentaries, we’ve discussed investments using Game of Thrones metaphors: castles (the company), moats (competitive advantage),…
Commentaries 15 Aug 2017 In Management We Trust In our commentary last month, we introduced the concept of moats and knights - companies with defendable, competitive moats and…
Commentaries 15 Jul 2017 Moats and Knights With the highly acclaimed television series “Game of Thrones” beginning their seventh season in July, we are reminded of the…
Commentaries 15 May 2017 Artificial Intelligence It’s hard to fathom that Y2K was seventeen years ago. Remember the widespread fear that technology would collapse around us…
Commentaries 15 Apr 2017 Evidence-based Investing The new issue of Research magazine is now available and its theme is evidence-based investing. The issue included a great…
