Old Age

It’s been 3 years since US equities have corrected more than 10%. But there’s no law about how long rallies can last without a correction.

In any event, as diversified, well-positioned investors (as, of course, we believe we are), does it really matter if stocks fall 10%? or 20%? If it does matter, you probably have the wrong portfolio. For the rest of us, volatility really does equal opportunity.

• 17 May, 2016

  2016 - 1st Quarter Commentary

  To read more, download the full 16 page PDF: ...

• 3 Mar, 2019

  Truth and Consequences

  Archaeological evidence suggests that, for thousands of years, the people who inhabited the Great Plains of North ...

• 2 Jan, 2015

  Shipping

  First, happy new year to all!I walked into the office this morning to a crystal clear view of the Pacific. What a ...