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“Being Careful. Being Prepared.”, Quarterly Letter, Q2 2017

July 12th, 2017

Market Comments In broad strokes, our investment process is based on the principles of being careful and being prepared. We inves

“What’s Today’s Story?”, Quarterly Letter, Q1 2017

May 4th, 2017

Market Comments The beta for the Castle Focus Fund (MOATX) for the last five years is 0.55 versus the S&P 500. We start our q

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“Being Careful. Being Prepared.”, Quarterly Letter, Q2 2017

July 12, 2017

Market Comments

In broad strokes, our investment process is based on the principles of being careful and being prepared. We invest when we can identify high quality companies that can be purchased at substantial discounts to our conservative estimate of …

“What’s Today’s Story?”, Quarterly Letter, Q1 2017

May 4, 2017

Market Comments

The beta for the Castle Focus Fund (MOATX) for the last five years is 0.55 versus the S&P 500. We start our quarterly commentary with this fact to remind our shareholders that we approach our objective of capital …

Market Commentary — Yellow Jessamine

March 20, 2017

“In tangled wreaths, in clustered gleaming stars,

In floating, curling sprays,

The golden flower comes shining through the woods

These February days”

Yellow Jessamine, by Constance Fenimore Woolson, 1900

The calendar tells us that the Spring Equinox occurred today, Monday …

“An Ever-Changing Narrative”, Quarterly Letter, Q4 2016

January 10, 2017

Market Comments

“No warning on earth can save people determined to grow suddenly rich.” —Lord Overstone

When newspapers and reporters declare the stock market is up or down due to a specific event or piece of data, the editors are …

2016 Year-End Distributions

December 16, 2016

 

Distributions as of December 15, 2016

Per share short-term capital gains range Per share long-term capital gains range Per share net investment income Record Date Pay Date
Castle Focus Fund Investor Class (MOATX) $0.10583 $0.42866 $0.02676 12/14/2016 12/15/2016
Castle Focus

“Do You Know TINA?”, Quarterly Letter, Q3 2016

October 12, 2016

Market Comments

”The problem with Cassandras, such as Gross and Jim Grant and Stanley Druckenmiller, among a host of others, is that they can be compared to a broken watch that is right twice a day but wrong for the

Portfolio Manager Commentary — ITC Holdings Corp. and Royal Gold, Inc.

August 17, 2016

As we have in the past, we will start this short commentary with a brief overview of our investment process: We put shareholder cash to work when we can find great operating companies trading at a substantial discount to our

“Flightlessness”, Quarterly Letter, Q2 2016

July 13, 2016

Market Comments

Before the arrival of humans—and the rats, cats, and other predators that we brought—New Zealand was an idyllic haven for birds. Without ground-dwelling mammalian hunters to bother them, many of the local species lost the ability to fly.

“Is it a Duck or is it a Rabbit?”, Quarterly Letter, Q1 2016

April 19, 2016

Market Comments

“All of humanity’s problems stem from man’s inability to sit quietly in a room alone.” —Blaise Pascal

When the dermatologist saw the spots on the back of the patient’s hand, he grew suspicious and removed a small piece …

“Is The Future More Certain Than The Present?”, Quarterly Letter, Q4 2015

January 11, 2016

Market Comments

“If you’re not confused, you don’t know what’s going on.” —an old Haitian proverb

To download a PDF of this report, click here.

Confusion once again leads the herd of stock market participants back to the mistakes …