There is only one side of the market and it is not the bull side or the bear side, but the right side.
My father stood staring out the living room window of our apartment building. It was a building that was derisively referred to as “The Project” by its inhabitants. Other people knew it as Public Housing. It was government housing for low income people. Many, like my father, were returning World War II veterans. And these Vets,...
I knew the highboy would be expensive. But when you’re 22 and starting out in the investment business, well, you’re very confident. Have to be. Besides I had saved $10,000 for my upcoming wedding. That was an unimaginable sum of money for a 22-year-old in 1967. What I had no way of knowing was that, in the stock market, the emotional...
“In seeking to avoid the dangers of crowd action, remember that a majority opinion can be sustained. Unanimity of opinion is more vulnerable to a contrary surprise.”
The quote above is from Contravisory founder Ed Noonan’s 10 Rules for Investing. Considering the record amount of anticipation and speculation...

Today we share with you an excerpt from our Q1 letter to investors, recapping the first quarter and providing some insight to our current market thinking for Q2 and beyond.
The equity markets continued their winning ways in the 1st quarter as all major indices pushed higher during the period. In fact, this was the...
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