June 2024 To Our Business Partners GROUNDHOG DAY? A recent report in the Wall Street Journal noted that investors are once again moving back into the stock market.  Flows into stock and bond funds are [...]

May 2024 To Our Business Partners STOCK BUYBACKS Public companies, like individuals and institutions, routinely buy their own company’s stock in the open market.  Some do it to offset the issuance of stock options to [...]

April 2024 To Our Business Partners OBSERVATIONS  Things to ponder:  Due to sharply rising interest rates, the cost of interest on the U.S. federal debt now exceeds our country’s defense budget.  At the same time, [...]

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 [...]