Shareholder Letter

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12/31/16

Investing with Optimism

An investment sweet spot seems to be emerging where optimism and fundamentals intersect.

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Archive

9/30/16

A Return to Independent Thinking

Value opportunities available, independent thought required.

6/30/16

The Importance of Being in the Know

Taking a page from Peter Lynch: Heightened concerns are best contained by knowing what you own.

3/31/16

As the Tide Turns

Investors, whose resolve has been tested by the volatility of the last several quarters, would be wise to heed to Warren Buffett’s words of wisdom: "Uncertainty is the friend of the buyer of long-term values.”

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