Blog

Positioning Portfolios in a Shifting Market

I want to elaborate why we're positioned the way we are. I think it makes sense to start with where we've come from. For a very long time, we have had a stock market driven by low financing rates. This made any place where you could grow quickly through debt look...

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Reddit Broke the Markets – What do you do?

We're starting to see some of the more obvious issues come out of the heavy government interference we've seen in markets over at least the past decade. What I mean is that we've seen trillions in Fed support and Congressional stimulus, whether you talk about bailouts...

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How To Invest During Great Turmoil

An investor asked an important question on our April 28 quarterly conference call: How can anyone have a rigorous investment process when there are so many unknowns out there? I think that's a very complicated question, and I want to go through it in more detail than...

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MARKET SIT-REP: QUARTER-END MARCH 2020

This blog is a bit longer than usual, but a lot happened in the first quarter. We started the year with a big party in tech, but around the middle of February people started getting nervous, presumably about Covid-19. Then in early March we saw panic across all asset...

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