First Quarter Letter Market Comments “Deviating too far from consensus leaves one feeling potentially ostracized from the group, with the risk that one may be terminated.” -- Robert Shiller In... read more →
As value investors who operate with a long investment time horizon, one of the most important characteristics we look for when selecting stocks for the Castle Focus Fund is a... read more →
Fourth Quarter Letter market Comments Perhaps the best argument that one can make for stocks is that many hold doubts about the continuing bull market. The reasons for these doubts... read more →
December 19, 2013 To download a PDF of this report, click here.
We have completed the sale of Paychex Corp. (PAYX) from the Fund’s portfolio at an average sales price of $41.04 per share. As with many of our holdings we gradually... read more →
Third Quarter Letter Market Comments “We will learn an enormous amount in a very short time, quite a bit in the medium term, and absolutely nothing in the long term.”... read more →
During the second week of July we closed our long suffering position in Exelon. Our fundamental investment thesis on Exelon centered on the power generating company’s leverage to increased industrial... read more →
Second Quarter Letter Market Comments The equity markets hit new all-time highs again this past quarter. However, we believe this rally is largely due to Ben Bernanke’s policy of Quantitative... read more →
First Quarter Letter Market Comments “We all know it’s going to end badly, but in the meantime we can make some money…” --Jim Cramer, CNBC Hard to believe, but Jim... read more →
A recent Wall Street Journal article on value investing caught our attention (Jason Zweig, February 15, 2013), as Jean-Marie Eveillard of First Eagle Funds summed up the challenge inherent in... read more →