Investment Strategy

If you can keep your head when all about you Are losing theirs and blaming it on you, If you can trust yourself when all men doubt you, But make allowance for their doubting too; If you can wait and not be tired by waiting, Or being lied about, don’t deal in lies, Or being […]

Ch-ch-ch-ch-changes (Turn and face the strange) Ch-ch-changes Don’t want to be a richer man Ch-ch-ch-ch-changes (Turn and face the strange) Ch-ch-changes Just gonna have to be a different man Time may change me But I can’t trace time . . . David Bowie, Hunky Dorey Album 1971 (Changes) John Maynard Keynes, the British economist whose ideas fundamentally […]

“Tonight, old man, you did it! You did it! You did it! You said that you would do it, And indeed you did. I thought that you would rue it; I doubted you’d do it. But now I must admit it That succeed you did.” . . . My Fair Lady (You Did It) Well, […]

After nearly 48 years in this business, we have seen a number of cycles and developed a long-term perspective. We have often spoken about the difference between a “secular bull market” and what many consider to be a bull market because it is up 20%+. The reciprocal is that a 20%+ decline represents a bear […]