General Commentary If you decided to sleep in really late after a New Year’s Eve party, and woke on March 31st, upon first glance it would appear the U.S. equity market had a fairly quiet first quarter with a benign return of -1%. Clearly this was not the case. The SP-500 started the year with […]

General Commentary I see trees of green, red roses too I see them bloom for me and you And I think to myself what a wonderful world I see skies of blue and clouds of white The bright blessed day, the dark sacred night And I think to myself what a wonderful world What a […]

The third quarter was quite active for us. We added two new equity positions, eliminated two existing positions, closed one real estate investment with another one scheduled to close in early November. We also added one new corporate fixed income position. While our equity performance continues to lag the broader market, we are very pleased […]

During the first half of the year we generated modestly positive performance across each of our investment strategies. We will discuss results for each strategy in detail later in this letter, but we are generally satisfied with performance this year despite underperforming the S&P 500 return of 9.3%. In an environment where asset valuations are […]

We are pleased to report continued positive performance across our strategies during the first quarter of the year. Before we dive into the details, we thought it would be worthwhile to review the competitive advantages of our investment strategy. While we have addressed this topic in previous quarterly letters, it seems particularly timely in-light-of the […]

We are pleased to report that during 2016 our Equity accounts returned 9.9% for the year compared to a positive 12.0% return for the S&P 500, and our Balanced accounts returned 11.0% compared to a positive 7.5% return for the benchmark (which is weighted 50% S&P 500 and 50% Barclays Aggregate Bond Index). Equity Review […]

The impact of abnormally low interest rates continues to be the overwhelming driving force in the market. As we discussed at length in last quarter’s letter, this new paradigm has the potential to cause irrational decision making and unintended consequences. One of the pernicious side effects of this ultra-low interest rate environment is the growing […]

We are pleased to report improved performance during the first six months of the year. Our Equity accounts returned 4.73% through the end of June compared to a positive 3.84% return for the S&P 500, and our Balanced accounts returned 6.48% compared to a positive 4.78% return for the benchmark (which is weighted 50% S&P […]

We are pleased to report improved performance during the first quarter of the year and the start of the second quarter. Our Equity accounts returned 3.90% in the quarter compared to a positive 1.35% return for the S&P 500, and our Balanced accounts returned 4.30% compared to a positive 2.31% return for the benchmark (which […]

During 2015 our Equity accounts returned -18.7% for the year compared to a positive 1.4% return for the S&P 500, and our Balanced accounts returned -12.1% compared to a positive 1.3% return for the benchmark (which is weighted 50% S&P 500 and 50% Barclays Aggregate Bond Index). We are profoundly disappointed to deliver the poor […]