There are times when restraint and patience may feel like foolishness. In investing, these times typically feature an “obvious thing to do”. During the late 90’s build of the first internet bubble, it seemed obvious that the easy money was betting on the latest Silicon Valley IPO. The business model, prospects for earnings and cash flow, and any real consideration of valuation (paying a reasonable price) was pretty well thrown out the window at the height of the frenzy; all that was required was a “.com” for admission. So “obvious” was the formula for investment success, that some even quit their jobs to day trade and reap the easy rewards.

First of all, let us start by saying we hope this finds you healthy and well. A clear silver lining to this topsy turvy market environment is that we’ve been in frequent touch. Hopefully you’ve found our  weekly letters  helpful and we’ve very much enjoyed the recent phone calls and emails where we get to hear how…

Good Thursday morning! Another week and much more we could say, but we’re mostly writing to wish you a happy Easter. To say it’s been an eventful past seven weeks would be an understatement to say the least. The pace and scale of global change is unprecedented and the way we’ve felt and experienced it is on…

Happy Friday! Last week’s letter came just before Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The full text  is nice light reading at 335 pages. Not likely many of us have added this to the bedside table yet, but we’re guessing you’ve seen plenty of news and takes on it over the past week. Again, we’re…

Good morning! Last week, dinner tables—this week, metabolism. The broad scientific definition of metabolism is a set of processes within a living organism that occurs in order to sustain life. For us, we usually refer to the word as how our bodies turn food into useful energy and we’ve been stuck on this idea as a helpful analogy to…

Good Thursday morning, the first day of Spring if you can believe it! And yes, we’re talking about dinner tables. They’ve taken on a different character and quality over the past few weeks haven’t they? One week ago, our family got word that our kids would be out of school, effective immediately and we’re settling into a new…