March 2024 To Our Business Partners MARKET CONCENTRATION ALL OVER THE PLACE We have often talked about the problem of concentration in market indexes.  Price levels of the popular U.S. stock indexes have been led [...]

February 2024 To Our Business Partners MARKET CYCLES Throughout history, the financial markets have gone through relatively long cyles, interspersed with shorter intermediate cycles.  The latter usually receive the most attention and are influenced by [...]

December 2023 To Our Business Partners THE PERIL OF PRECISION Last month we talked about how short-termism has affected the investment process over the last several years.  We think a major contributor to that phenomenon [...]

November 2023 To Our Business Partners “SHORT-TERMISM” Short-termism has been a significant issue for several years now, but we think it has reached new heights in the last few years.  Short-termisim is defined as a [...]

October 2023 To Our Business Partners ERRORS, COMMISSION & OMISSION As much as we try to live by our “investing with a margin of safety” tagline, we do from time to time make mistakes. We [...]

September 2023 To Our Business Partners REVERSION TO THE MEAN? We use this term from time to time to describe how competitive forces in our economy generally push and pull economic activity, i.e. corporate profitability, [...]

August 2023 To Our Business Partners RANDOM OBSERVATIONS Concentration. The popular S&P 500 index is a flawed stock market benchmark due to the dominance of only a few mega-sized stocks.  Only 7 companies* now make [...]

June 2023 To Our Business Partners WHAT YOU SEE IS WHAT YOU GET? Investors have in recent years become enamored with companies reporting earnings that “beat (or miss) the estimates.”  This is a relatively recent [...]