Shareholder Letter

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12/31/19

Quality Time

The recent runup in valuations has reduced the margin for error in today’s markets.

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Archive

9/30/19

A Rare Opportunity?

This is only the third time in the past 35 years that the gap in valuations between large and small stocks has reached a level this extreme.

6/30/19

Finding Opportunity in an Uncertain Market

By focusing on dubious growth projections instead of compelling valuations, investors are setting the stage for potential pain.

3/31/19

The Value of Taking the Long View

Strong performance during the period was welcomed, but we remain frustrated by the persistence of what we see as a bear market in logic.

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The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of investments and investment strategies represents the presenters' views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true.

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