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 →
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 →
Distributions as of December 20, 2012 To download a PDF of this report, click here.