The Outlook
August 2020

Greater Uncertainties, Potentially Fewer Opportunities

    In this issue:
  • Why is this Pandemic Recession Different from a Typical Economic Recession?
  • Is the Impact of the Policy Initiatives Both Misunderstood and Underestimated?
  • Are the Markets Still Underestimating the Technology Revolution?
  • The Investment Implications of the Post-COVID World

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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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