The Outlook
June 2020

The Restart and the Rebuild

    In this issue:
  • How do you reconcile the difference between the terrible unemployment and other economic numbers with the stock market rebound?

  • What are the implications of rising debt and deficits?

  • Given the political divide and the problems you are describing, how can we govern effectively?

  • With the current level of uncertainty, what should investors do now?

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  • … 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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