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Market Comments “In a time of universal deceit, telling the truth is a revolutionary act.” —George Orwell The S&P 500 fell 6% from August 17 to August 31 - dropping... read more →

Market Comments  “Everything that needs to be said has already been said. But since no one was listening, everything must be said again.” —André Gide Rarely have market participants placed... read more →

Market Comments “A thing long expected takes the form of the unexpected when at last it comes.” —Mark Twain The bull market in stocks turned six years old this past... read more →

 Market Comments “As I think back over the years, I have been guided by four principles for decision making. First, the only certainty is that there is no certainty. Second,... read more →

Quarterly Overview At quarter end, the Castle Focus Fund held 21 stock positions while cash and cash equivalents (“cash”) represented 34.60% of the Fund’s assets. During the third quarter of... read more →

Market Comments  “Every age is fed on illusion.”  —Joseph Conrad “The recurrence of periods of boom which are followed by periods of depression is the unavoidable outcome of the attempts,... read more →

Our goal is to outperform the broad market over a full market cycle. While stocks can be very expensive at times, conversely they can be very cheap. When stocks are... read more →

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 →

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 →