Real Companies, Real People

Sometimes we can lose sight of what we are doing (or should be doing). With all the complexities, misinformation, emotions, politics, and just general chaos and ignorance, it is not surprising that investors can lose sight of the fundamentals that surround prudent...

A Picture’s Worth a Thousand Words

  In our recent quarterly reports to clients, we included a new graph entitled “Capital Flows.” Each is unique to an individual client, and often tells a very powerful story by illustrating the benefits of long-term investing. Below are a few sample graphs from...

Table Stakes

Table Stakes In 1999, at the height of the last technology-telecom-media bubble, the Nasdaq index rose by 84%. By comparison, the Russell Large Cap Value index returned 6.7% while Warren Buffett’s Berkshire Hathaway actually declined by 25%. Following that year, where...

The Road Less Traveled

Look closely at the graph below. The grey bars are the annual stock market returns since 1980.  The red dots are the mid-year (and transitory) sell-offs. There is a red dot associated with every single year. Yes, even as stocks usually have full-year positive returns,...

Playing the Hand We’re Dealt

The financial and economic world has changed.  The US economy and the financial markets are now in a new paradigm where fiscal policies (money creation and government spending), rather than monetary policies (managing the level of interest rates) affect and drive...