Opportunistic. Concentrated. Disciplined.

America’s 250th-anniversary is a useful lens for both citizenship and investing: despite unsettling headlines, we think the country’s long-term fundamentals—and the opportunity set for equity owners—remain compelling. 

Operation Epic Fury – the military undertaking in Iran – and the prior major geopolitical conflicts we have lived through are never comfortable.

Geopolitical experts anticipated that President Trump’s tariffs would cause inflation to surge and that the US consumer would bear the burden…

When constructing our portfolio, we try to assess risk factors, or storms which could potentially cause a permanent loss of capital.  The power of compounding is astonishing, but permanent loss of capital is the hole in the boat that sinks the ship. 

Anyone following the news this year would think investing in stocks is a fool’s errand. Threatening tariffs, global warfare, the drumbeat of an imminent recession…

Five years and two weeks ago to the day, we wrote to our clients, “Great businesses have endured the Tech Bust, 9/11, and The Great Recession (GFC), and they will eventually emerge from the 2020 coronavirus panic.”  We now face a new set of circumstances, but once again believe great businesses will endure.