WILLIAM R. WARNKE, CFA   /   STEVEN R. NICHOLS, CFA   /   ANDY P. RAMER, CFA

February 2024

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 [...]

2024-02-28T17:18:19+00:00February 28th, 2024|

December 2023

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 [...]

2023-12-20T19:18:49+00:00December 20th, 2023|

November 2023

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 [...]

2023-11-27T13:06:07+00:00November 27th, 2023|

October 2023

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 [...]

2023-10-20T16:54:33+00:00October 20th, 2023|

September 2023

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, [...]

2023-09-22T19:05:40+00:00September 22nd, 2023|

August 2023

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 [...]

2023-08-15T18:48:26+00:00August 15th, 2023|

JULY 2023 LETTER OF VALUE

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 [...]

2023-07-14T21:11:36+00:00July 14th, 2023|

June 2023

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 [...]

2023-06-15T19:00:23+00:00June 15th, 2023|

May 2023

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 [...]

2023-05-23T12:06:04+00:00May 23rd, 2023|
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