On Thursday, Britain held a referendum to decide whether or not to leave the European Union. Leave won with 52% of the vote, while Remain lost with 48%.  This referendum will likely result in the United Kingdom’s institution of Article 50, which would begin a withdrawal from the European Union.  We have provided some information...Read More

Historically, many countries have centralized their economies in an effort to improve productivity, raise living standards, and increase economic growth. In reality, the opposite has often occurred, resulting in stagnant economies and falling standards of living.  Conversely, history demonstrates that creating increasingly open and fair markets activates economic potential that lay dormant under more authoritarian...Read More

The lesson this month is that investment timing is important.  Not just a little, but a lot.  But let’s first start with an analogy. This past week a Toyota Tundra pickup barreled into our office space during work hours, laying waste to all contents.  Thankfully, no employees were in the office at the time as...Read More

Increased volatility and lower market prices have led commentators to wonder if this is a correction, the start of a major bear market, or just a bear (cub) market.  However, with U.S. equity markets down in excess of 15% over a very short timeframe, discussing the names that characterize this period is only helpful for...Read More

Within the investment industry, there is an ongoing debate on passive versus active investing.  Vanguard has been one of the more vocal participants at evaluating active managers and the consequences of stock-based investment strategies.  Our own research into the matter confirms Vanguard’s hypothesis.  Most managers that claim themselves to be active are not consistently adding...Read More

Over the course of this year, concerns within global financial markets have been forming.  Our past few newsletters have discussed the events resulting in us being conservative throughout the summer.  Those concerns are not receding at this point, even as the equity markets have recovered.  Therefore, we maintain a defensive position, looking for our concerns...Read More

“This is not a crisis, its turbulence.”  – Fauzi Ichsan, Head of the Indonesia Deposit Insurance Corp The time between our last newsletter and today feels like an eternity, yet is only 30 days.  In that time, we have witnessed a dramatic increase in market volatility (a swift fall followed by a uneven rebuild in...Read More

China recently elected to devalue their currency causing volatility in most global markets. One benefit of this event was that it removed Greece from the headlines. Although our belief was that too much attention was being placed on Greece and its implications for the European Union, it was welcome to see it move to a...Read More

Behavioral economics is a well researched field of study and one we find important as it pertains to acting as a fiduciary and a steward of capital.  In this newsletter, we reflect on recent research into this topic and attempt to blend it with recent market actions hitting the globe as we speak.   Monkey...Read More

Determining the characteristics of superior investing is not a new idea. We hazard a guess that since the first dollar went into the public markets, individuals have spent considerable effort determining short cuts and tricks to identify the items that drive outperformance. Within the modern investment world, both academic and industry attention has been focused...Read More