Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
March 29, 2016
How often have you heard an investment management firm discuss or write about their sell discipline? Probably never! Most firms don’t have one. I was, in fact, in the investment business for 35 years before I fully realized its importance. Even then, it wasn’t my epiphany. The realization was forced on me by a client who became a friend...
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...
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