Investment Recap

Fourth Quarter 2016

Our third quarter letter focused on the opportunity for positive impact from expected fiscal policy stimulus after the election. Optimism and the beginnings of "animal spirits" have characterized the last several weeks. For the year 2016,...

Third Quarter 2016

Stocks continue to advance in the third quarter with gains of approximately 4%. Our results were even better due to a large weighting in small cap stocks, which have led the market this calendar year. Through the middle of October, three...

Second Quarter 2016

Stocks have extended their gains into the second quarter and through the beginning of July.  In January we observed that the overall environment was changing from a year ago.  We cited the attractiveness of Value stocks and Small Cap...

First Quarter 2016

As the expression goes “the worm has turned”. In our January letter we wrote about last year’s narrow market leadership which favored just a handful of large cap growth stocks. We cited the extreme valuation of the “FANG stocks” and...

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