The Outlook
November 2019

Can Investors Adapt to the New Investment Paradigm?

    In this issue:
  • Why You Cannot Compare the Current Expansion to Past Cycles

  • Why Do Governments Need to Become the Spenders of Last Resort?

  • How Do the Changes in the Structure of the Markets Impact Investment Thinking?

  • Where is Capital Likely to Flow in this New Paradigm?

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Our Core Investment Principles

We believe...

  • … securities trade in an auction market that has inherent inefficiencies.
  • … opportunities to make successful investments in good businesses and managers exist regardless of market direction.
  • … most of the best investments are accompanied by higher levels of discomfort when initiated.
  • … there is often an inverse relationship between the popularity of a security and its value.
  • … undervalued companies with identifiable earnings growth catalysts offer significant absolute returns without excessive risk.
  • … investment risk is viewed as overpaying for a business or incorrectly projecting its future earnings.
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