June 30, 2022 Quarterly Letter
Avoiding bear markets is like avoiding mountain lions in nature. Staying calm in the face of fear is key.
Questions of Value — A New Market Regime?
Factors leading to growth outperformance do not appear sustainable. We believe the current environment is particularly well-suited to our absolute value investment process.
March 31, 2022 Quarterly Letter
These days, the investment highway seems more treacherous than an L.A. freeway in a rainstorm. Defensive techniques aren’t just for driving. Value has become defensive again, just as it was in the aftermath of the late 1990s Tech Bubble.