Our Insights

For a printable version, click here.​​​​ If you are a client, click here for a copy of the client commentary which includes discussion of recent investment activity. A Tale of Two Opportunities “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair

For a printable version, click here.​​​​ If you are a client, click here for a copy of the client commentary which includes discussion of recent investment activity. “Price is What You Pay, Value is What You Get” In January 1964, the Surgeon General of the United States released a landmark report titled “Smoking and Health” which for the first time concluded that cigarette smoking causes lung cancer, chronic bronchitis and several other illnesses. In the following decade, ne

For a printable version, click here .​​​​ If you are a client, click here for a copy of the client commentary which includes discussion of recent investment activity. Diversification Deception "Diversification is the only free lunch in investing." – Harry Markowitz, 1990 Nobel Memorial Prize in Economic Sciences Diversification is a hallmark characteristic underpinning the “Modern Portfolio Theory” introduced in the 1950s by Harry Markowitz, the economist whose research on t

For a printable version, click here .​​​​ If you are a client, click here for a copy of the client commentary which includes discussion of recent investment activity. Two Things Can Be True At Once "When people get very excited, as they are today, about artificial intelligence, for example ... every experiment gets funded, every company gets funded. The good ideas and the bad ideas. And investors have a hard time in the middle of this excitement, distinguishing between the

For a printable version, click here .​​​​ If you are a client, click here for a copy of the client commentary which includes discussion...

For a printable version, click here .​​​​ If you are a client, click here for a copy of the client commentary which includes discussion...

Firm will be led by Managing Principal Meredith Moll and Principal Zach Riley Greg Hartz and Mark Millsap to Remain as Full-Time...

For a printable version which includes all graphs and tables, click here .​​​​ If you are a client, click here for a copy of the client...

For a printable version which includes all graphs and tables, click here .​​​​ If you are a client, click here for a copy of the client...

For printable version which includes all graphs and tables, click here .​​​​ The Promise of Tech Often Takes Longer Than Expected In the...

For printable version which includes all graphs and tables, click here .​​​​ Patience and Perseverance: An Investing Advantage “Our...

For printable version which includes all graphs and tables, click here .​​​​ Mental models are an oft-discussed topic in investing...

For a printable version which includes all graphs and tables, click here.​​​​ If you are a client, click here for a copy of the client...

The Benefit of Not Being Sure It is easy for the volatility of one’s outlook to match the volatility of the stock market.

For printable version which includes all graphs and tables, click here.​​​​ Are We Nearing a “Minsky Moment?” Hyman Minsky was an...

For printable version which includes all graphs and tables, click here.​​​​ Confidence Games “confidence game, any elaborate swindling...

For a printable version which includes all graphs and tables, click here.​​​​ If you are a client, click here for a copy of the client...

For printable version which includes all graphs and tables, click here.​​​​ Time to Hide? We suspect that this commentary will not be the...

For printable version which includes all graphs and tables, click here.​​​​ Margin of Safety Remember knocking on a friend’s door and...