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 […]

For those of us that practice the tenets of long-term value investing, there is no greater frustration than the experience of delivering poor relative returns. During the good times, it’s easy to acknowledge and pay lip service to a period of time in the future when performance will inevitably suffer. And, make no mistake, it […]

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 […]