02 Dec The Next Ten Years Are Likely To Be Different
Wow! Patience and diversification may win in the long run, but for the last few years, it’s cost a lot of investment managers their jobs. What has worked has been to be ‘all...
29 Jun 12% Six Years, 2.4% Thirty Years
Thirtytwo years ago I started my investment career with Dean Witter Reynolds in Las Colinas. At that time, you could double your money in risk-free US Treasury bonds, paying 12% in approximately six...
01 Feb The Defense is Still on the Field
Last October, I wrote a letter entitled ‘At Least you are Aware’ describing my concerns regarding the stock market and several defensive strategies that I believed were appropriate at the time. The market...
06 Oct At Least You are Aware
I thought I would give you a heads up on a longer term picture of the S&P 500. As you can see from the 20–year chart above the market took a turn for...
15 Sep Tired of Hearing About the Fed and China — I’ll Take a Little Bit of This and a Little Bit of That
Every day we continue to get the same old questions driving the financial news – will the fed increase rates and how bad is China’s economy? If our markets can’t handle a minor...
23 Mar “Skate to where the puck is going, not where it has been.” – Wayne Gretzky
Former Canadian professional hockey player Wayne Gretzky could just as well have been talking about investing instead of hockey. To be successful in investing, you need to focus on the future, not the...
05 Nov Nothing to it!
All you have to do is put your money in the S&P 500 index and forget it, save on management fees and outperform at the same time! — Talk about a no-brainer, even...
18 Aug Company Notes—Tesco Plc. Update
I thought you might be interested in knowing what's happening with the Tesco position in the portfolio and what the plan is going forward. I originally learned of the Tesco Company several years...
23 Jul Don’t Worry Be Happy!
The reason I haven't written a letter for the past few months is not because I've been on a long vacation, but because not much has changed. We are now entering the 5th...
11 Nov Devon Energy — The Cheapest U.S. Oil Play — Barron’s
Thought you mind enjoy reading the link to last week's Barron's article on Top Holding — Devon Energy. Over the last couple of years, Devon has been transforming itself into a balanced producer of...