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... read more →
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... read more →
“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... read more →
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... read more →
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... read more →
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... read more →
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... read more →
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,... read more →
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... read more →
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... read more →