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 [...]

May 2023 To Our Business Partners COMPARE AND CONTRAST Berkshire Hathaway held its annual shareholders’ meeting recently and the inevitable flood of articles and stories have appeared covering the meeting and the investment record and [...]

April 2023 To Our Business Partners THE HIGH COST OF FREE MONEY  To the extent we follow economic trends, we have often been critical of the Federal Reserve Board’s (“The Fed”) monetary policy over the [...]

March 2023 To Our Business Partners FINANCIAL ENGINEERING Warren Buffett’s (CEO, Berkshire Hathaway Inc.) letter to shareholders was recently released, and one of the things he talked about was the questionable practices involved in public [...]

February 2023 To Our Business Partners A TALE OF TWO TAILS ... and the dangers of indexing and being tied to a benchmark index.  Most popular stock indexes, such as the S&P 500, are capitalization [...]

December 2022 To Our Business Partners ARE WE THERE YET? As we write this, the stock market is going through another period of volatilty which has become all-too familiar over the last year or so. [...]

November 2022 To Our Business Partners SPECULATIVE PAIN In May of last year we wrote about what we saw as the folly of cryptocurrencies.  We had observed at the time that we couldn’t determine that [...]