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2015 Second Quarter Commentary

For printable version which includes all graphs and tables, please click here. When All Else Fails … In less than ninety days, our equity investment track record will span 25 years. We believe that the knowledge, experience and humility gained along the way will benefit our clients for years to come. Throughout most of that quarter of a century and decades before, there has been somewhat of a normal business cycle in place. The normal business expansion would typically end when inventory build-up or an interruption in demand (e.g. when Saddam Hussein invaded Kuwait in 1990) would cause a back-up in the supply chain. Through the passage of time (possibly the most important ingredient), or

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