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

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

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

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

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

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

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

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

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

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...

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...

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

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