Third Quarter

6 October, 2006 by admin in Quarterly Letters
This past May the outlook brightened considerably for our brand of high-quality stocks. Central bankers in Japan, Europe and the United States signaled their intention to end easy-money policies that had long fueled speculation and created valuation bubbles in commodities and emerging markets ... read more...

Second Quarter

14 July, 2006 by admin in Quarterly Letters
After a strong start, the American stock market stumbled badly in the closing weeks of the quarter ending June 30, 2006. The reason the stock market sold-off probably had more to do with conditions abroad than at home. On balance the sell-off, however painful in the short run, will likely ... read more...

First Quarter

11 April, 2006 by admin in Quarterly Letters
When asked about a hot investment idea, such as a hedge fund tied to energy prices, or a fund tied to foreign markets, I like to respond with a decidedly old-fashion expression: Make sure the game is worth the candle. Roughly translated, it means the hoped-for result should be in proportion to ... read more...