Category: Quarterly Investor Letters

December 2018

Similar to an athletic competition in which a lead is squandered in the final quarter, the past year’s stock market was noteworthy for posting the

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September 2018

The theme of our first two quarterly transmittals was volatility. The theme of this communication is also volatility, but to be more specific, the lack of

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June 2018

Despite heightened volatility, the major stock market indices all posted positive returns for the Second Quarter.  Leadership was provided by the tech-heavy NASDAQ and small

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March 2018

Early in the First Quarter, the stock market continued its streak of historically low volatility and positive momentum that was characteristic of 2017.  Leadership was

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December 2017

When we wrote our year end 2016 transmittal, we were convinced that tax cuts would provide significant stimulus to the US economy.  We did not

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September 2017

For our quarterly market commentary, it is not common practice to begin with a discussion of geo-politics, but given developments in the Third Quarter, we

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June 2017

Long term investors must accept the vicissitudes of market cycles in order to capitalize on opportunities.  Unpredictability generates a constant tension between short term technical

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March 2017

We have mentioned in numerous communiqués, including at our recent Investment Symposium, that the stock market’s performance since the election has been fueled by prospects

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December 2016

Following a year in which the price of oil increased more than 100%, we enter 2017 with the expectation that wild swings in asset prices

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September 2016

After November 8, 2016, the markets will focus on a singular remaining uncertainty for 2016 – i.e., the Federal Reserve’s Open Market Committee’s (“FOMC”) policy

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