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Q2 2018 Quarterly Letter

August 13, 2018

General Commentary After a turbulent first quarter the equity markets resumed their orderly weekly increases. Despite the growing threat of a large-scale trade war and increasing geopolitical uncertainty, the US equity markets continue to progress as if all is alright in the world. The large-scale tax reform that occurred in 2017 has now found its […]

Filed Under: Quarterly Letters

Q1 2018 Quarterly Letter

April 27, 2018

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 […]

Filed Under: Quarterly Letters

Q4 2017 Quarterly Letter

January 24, 2018

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 […]

Filed Under: Quarterly Letters

Q3 2017 Quarterly Letter

November 6, 2017

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 […]

Filed Under: Quarterly Letters

Q2 2017 Quarterly Letter

July 21, 2017

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 […]

Filed Under: Quarterly Letters

Q1 2017 Quarterly Letter

April 20, 2017

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 […]

Filed Under: Quarterly Letters

Q4 2016 Quarterly Letter

January 20, 2017

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 […]

Filed Under: Quarterly Letters

Q3 2016 Quarterly Letter

October 20, 2016

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 […]

Filed Under: Quarterly Letters

Q2 2016 Quarterly Letter

July 22, 2016

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 […]

Filed Under: Quarterly Letters

Q1 2016 Quarterly Letter

April 25, 2016

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 […]

Filed Under: Quarterly Letters

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