July 2023 LETTER OF VALUE Ruminations for investors seeking to enhance their wealth using the principles of VALUE INVESTING To Our Business Partners We are oftentimes asked about our thoughts on [...]

January 2023 LETTER OF VALUE Ruminations for investors seeking to enhance their wealth using the principles of VALUE INVESTING To Our Business Partners As you know, we write to you monthly [...]

October 2022 To Our Business Partners EFFICIENT MARKETS? The Efficient Market Theory (EMT) was presented to the investment community in the mid-1960’s.  It posited that stock prices reflected all known factors, are efficiently priced, and [...]

September 2022 To Our Business Partners FORECASTING At the risk of contradicting ourselves (we talked about likely future stock market returns last month), we’re going to address the practice of making forecasts about the economy [...]

August 2022 To Our Business Partners STEALING FROM THE FUTURE The ten years through the end of last year produced compounded annual investment returns well above the long-term average and is among the highest produced [...]

July 2022 To Our Business Partners WE’RE STILL GROWING! After 24 years of being a twosome, we’re increasing our employee headcount by 50% with the addition of Andy P. Ramer, CFA to our team.  Andy, [...]

June 2022 To Our Business Partners HOPE ON TOP OF HOPE Your writers believe that the speculative stock market bubble that has been building up over the last several years has finally burst. Among the [...]

May 2022 To Our Business Partners LONG-DURATION ASSETS This is a fancy phrase for describing financial assets whose cash flows distributed to owners are generally well out into the future. This type of analysis was [...]

April 2022 To Our Business Partners “TOP DOLLAR FOR TOP DOLLAR” This phrase was coined by John Hussmann of the Hussmann Investment Trust. It describes stocks at elevated levels of valuation – high price/earnings ratios [...]

March 2022 To Our Business Partners WARS, OTHER CALAMITIES AND THE STOCK MARKET With the current tragic situation in the Ukraine, it might be useful to examine the history of wars and their effect on [...]