<February 25, 2020> The year 1999 was a very difficult period in my life and career. I was 28 years old and had recently left the Evergreen Funds to join a s...

<January 22, 2020> Asset bubbles can be devastating to economies and investors. Fortunately, over the past few hundred years, asset bubbles have been rare. S...

<December 17, 2019> After eleven years of limited downside and seemingly endless upside, risk management has become the decaffeinated coffee of the current m...

<November 25, 2019> When I think of stocks that have underperformed this market cycle, energy is the first sector that comes to mind. Recent performance has ...

<October 23, 2019> In his book, The Greatest Generation, Tom Brokaw profiles numerous Americans who lived through the Great Depression and World War II. Alth...

<September 26, 2019> As Hurricane Dorian approached Florida a few weeks ago, I was having lunch with a friend who is an insurance adjuster. He explained to m...

<August 16, 2019> Most value investors I know consider themselves contrarians. Essentially, contrarians allocate capital in the opposite direction of the con...

<July 17, 2019> Every market cycle is a learning experience. Throughout each cycle, we review our achievements and shortcomings to help us improve our absolu...

<June 18, 2019> When valuing a small cap stock, one of the first things we ask ourselves is, “What’s normalized?” Specifically, we are attempting to determin...

<May 23, 2019> Asset bubbles are often accompanied by creative narratives or taglines. Some are descriptive and some are very clever, but most are simply ano...

May 1, 2019 Similar to life, our career paths do not always go according to plan. When I recommended returning capital in 2016, I intended to return to the a...

April 16, 2019 I’ve lived through two asset bubbles during my career–the technology and housing bubbles. For what it’s worth, I believe we’re currently march...

April 5, 2019 People can do some of the craziest things to get attention. I’ll never forget a childhood experience I had attempting to be noticed. I was 12 y...

March 21, 2019 As we begin managing an absolute return strategy again, Jayme are I are putting considerable thought into portfolio positioning. Given our bel...

March 5, 2019 The financial markets have been extraordinarily generous over the past ten years. From the cycle’s trough in 2009 to its peak in 2018, the S&P ...