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 →
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.