Opportunistic. Concentrated. Disciplined.

Around 2010, I was invited to play a round of golf with the 43rd President of the United States, George W. Bush. Given the state of my golf game, I hesitated at first but then came to my senses.

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…