Strategy commentaries will be posted to the website by the end of the month. Last quarter's Strategy commentaries can be viewed by accessing the pages below.
Thanks to the rising tide of risk-taking, the margin of safety for buying stocks seems to have diminished — requiring greater patience.
When the outlook remains unclear, companies improving their operations and margins irrespective of the economy stand out.
Reasons for optimism are growing, especially among small companies protecting their margins and boosting their dividends and buyback activity.
The case for small caps is compelling — seems to be getting noticeably stronger.
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