Learn how to take losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
January 27, 2016
An economic paradigm shift occurs over a long period of time. As a consequence, it is often not recognized by most people as it is happening. This seems to be the present situation with China. It is not until a new paradigm reaches an inflection point of change that it becomes obvious ... at least to some. My belief is that we in the...
January 21, 2016
Market Update
January 14, 2016
We are sending this note to give you our perspective on the recent global market turmoil and volatility. We realize these periods can be very unsettling and stressful. It’s difficult to keep your cool when the 24/7 news cycle is on high alert as these events unfold. While...
November 18, 2015
The investment world offers a choice between two different investment approaches. However, one has to be aware of what the choices are. Each has a time when it is the appropriate style. The first is a “top down” process based on macro events. It is the process virtually every professional money manager uses. The second is micro. Micro...
October 26, 2015
Today it is difficult to imagine an active portfolio manager having the aura of a rock star. But in a period of rising interest rates (1945-1982) it did happen and will happen again. After all, who wouldn’t regard someone with respect who could make them money by outperforming the stock market? Today the common ...
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