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|

April 2023

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 [...]

2023-04-20T18:32:46+00:00April 20th, 2023|

March 2023

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 [...]

2023-04-20T18:33:12+00:00March 14th, 2023|

February 2023

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 [...]

2023-02-06T16:04:06+00:00February 6th, 2023|


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 [...]

2023-07-11T15:24:32+00:00January 20th, 2023|

December 2022

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. [...]

2022-12-28T13:34:38+00:00December 28th, 2022|

November 2022

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 [...]

2022-12-07T16:47:18+00:00December 7th, 2022|

October 2022

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 [...]

2022-10-31T14:53:29+00:00October 28th, 2022|

September 2022

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 [...]

2022-10-12T16:03:49+00:00September 28th, 2022|

August 2022

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 [...]

2022-10-12T16:04:05+00:00September 27th, 2022|
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