Reflecting on the Culture of Investing

11 October, 2016 by Mark O'Brien in Commentary
The occasion was a luncheon in the mid-1980’s at the Union League Club of Philadelphia, followed with a talk by Sir John Templeton, the great investor and benefactor.  After a short talk, Sir John took questions, the first of which was his best investment idea for making money. I was a member ... read more...

Practicing Patience With the Market at an All-Time High

28 July, 2016 by Ben O'Brien in Commentary
Recently the financial press trumpeted that the S&P 500 was at a new “all-time high.” In one sense this is a good thing, a sign of strength and resilience, that the market has recovered from the financial crisis and is breaking new ground. In another sense though, many stocks are getting ... read more...

Big U.S. Banks & Brexit

25 July, 2016 by Paul Devine in Commentary
Two of the largest U.S. banks reported their second-quarter earnings late last week, and while the earnings were as moderately strong as most analysts had expected, it was surprising how little attention was devoted to the Brexit both by bankers and analysts.  That’s not surprising, since most ... read more...

Second Quarter 2016 Appraisal Letter

The performance statistics shown above appear tame and even ordinary, and do not begin to describe the distorted condition of the capital markets in which investors find themselves today.  I have never seen anything like it, and I have seen a lot, including 20% interest rates in the 1970s, ... read more...

Puerto Rico to Default Today

Two years ago, almost to the day, I wrote about the Puerto Rican debt crisis and how mutual funds had foolishly loaded up on high-yielding, risky Puerto Rican debt.  Thus investors who thought they owned, say, Virginia municipal bonds, actually had 50% or more of their assets in Puerto Rican ... read more...