During the first six months of 2015 our Equity accounts generated negative returns of -3.69% compared to a 1.23% return for the S&P 500 and our Balanced accounts returned -1.56% compared to a 0.68% return for the benchmark (which is weighted 50% S&P 500 and 50% Barclays Aggregate Bond Index). Performance in the first half […]

Activity during the first quarter was relatively muted with no new purchases or sales. The current market environment – characterized as drifting slowly higher and lacking much volatility – affords limited investment opportunity for opportunistic, value-oriented investors. As we will discuss in more detail below, the ability to deploy large amounts of capital today at […]

After achieving strong returns in 2013 (+34%), our performance this past year significantly underperformed the S&P 500 and our own internal expectations. Our Equity accounts returned -1.43% for the year compared to a positive 13.7% return for the S&P 500, and our Balanced accounts returned -2.2% compared to a positive 10.0% return for the benchmark […]

As recently as three months ago we wrote to you about the lack of investment opportunities due, in part, to the extremely low level of volatility. We went on to write that, “despite geopolitical turmoil and economic uncertainty, the stock market continues to exhibit a steady tranquility in mostly a positive direction. By almost any […]

During the first six months of 2014 our Equity accounts advanced 6.95% compared to a 7.14% return for the S&P 500 and our Balanced accounts returned 5.26% compared to a 5.61% return for the benchmark (which is weighted 50% S&P 500 and 50% Barclays Aggregate Bond Index). Returns in the first half of the year […]

There is a growing debate (some might say consensus) in the financial markets today regarding the possibility of a broad-based bubble in technology stocks. The evidence is compelling: sky-high valuations for certain companies, permissive use of non-standard valuation metrics, record breaking number of IPOs, and the introduction of new phrases into our daily lexicon (our […]

We delivered strong returns in 2013 on both a relative and absolute basis. Our Equity accounts advanced 34.4% for the year compared to a 32.4% return for the S&P 500 and our Balanced accounts returned 23.1% compared to a 14.1% return for the benchmark (which is weighted 50% S&P 500 and 50% Barclays Aggregate Bond […]

With all of the “noise” surrounding the macro environment lately it’s sometimes easy to forget that superior investment performance over a long period of time is predicated on a very simple concept: the sustained ability to purchase mispriced investments that are trading significantly below their intrinsic value. One of the key ingredients in determining a […]

Performance – Semi-annual Review During the first six months of 2013 our Equity accounts advanced approximately 14.5% and our Balanced accounts increased approximately 10.5%. This compares to a total return of 13.8% for the S&P 500 and -2.4% for the Barclays Aggregate Bond index. Despite generating positive overall returns, our performance continues to be hampered […]

Companies in Transition: Price vs. Fundamentals Opportunities to purchase undervalued investments often occur when businesses embark on meaningful and lengthy transitions. Unlike most investors, we have never shied away from situations which require us to roll up our sleeves and engage in a little extra work. Frequently, these are companies forced into evolving because the […]