Investment journal

Chapter 42: Good companies, good stocks, and good valuations Dear Clients, In our last installment, we detailed our investment process of identifying good companies that are also good stocks. Good companies, as we discussed, have three characteristics...

Chapter 41: Good Stocks & Good Companies Dear Clients, In our previous December installment, we discussed our investment philosophy of uncovering “good stocks that are also good companies.” In the current investment paradigm, these investments are leading...

Chapter 40: We Wish you a Dovish Holiday Season Dear Clients, In our previous installment, we emphasized our baseline call of a soft landing for the US economy, wherein the Federal Funds Rate is sufficiently high enough to bring down inflation without...

Chapter 39: The Most Widely “Pre-announced” Recession that may not Arrive Dear Clients, The investment markets are home to a broad spectrum of perspectives, and part of our role is to parse through this mosaic and develop an interpretational advantage...

Chapter 38: Quality Prevails Dear Clients, With Q2 earnings season having concluded, the market has signaled that earnings and the economy are heading into a soft landing accompanied by a mild recalibration and rebound in earnings. From “rolling recession”...

Chapter 37: Semiconductors as Secular Growth: Nvidia Dear Clients, We are writing with an update of our portfolio positioning within a long-held segment of the portfolio, semiconductors. Long-time readers will know that we have been long-term investors...

Chapter 36: Earnings Growth Drives Long-Term Valuations Dear Clients, In our previous investment outlook from December, we had characterized year 2022’s performance as being impacted by a series of interlinked growth shocks, first stemming from more persistent...

Chapter 35: A Look Back to 2022 Performance Drivers and a Look Forward into 2023 Portfolio Positioning Dear Clients, As 2022 concludes, we wish to provide a review of the performance factors influencing our portfolios’ year-to-date (YTD) returns. Recall...

Chapter 34: Portfolio Management Strategy Update: Pivoting from Fundamental Growth to Visibility of Present Value Dear Clients, We hope you are well. In prior installments of our journal, we had prepared clients for an intrinsic value of 3500 on the S&P500...