This month marks twenty years since I started my career in investment management. Upon completing my MBA in 1994 I spent a few years in corporate finance and merchant banking…

I’ve previously used the old parable of the Tortoise and the Hare as a metaphor for investing. The Hare is analogous to the kind of investor who is trying to…

From the perspective of an outside observer, our investment process can seem about as exciting as watching paint dry. We don’t hold a lot of positions, and we don’t do…

By logical measures, stock markets remain richly valued overall. Our cash position remains high in our equity portfolios. As I’ve said in the past, we are prepared to take advantage…

Despite the market gyrations of the last few months, and the headlines that go with them, stock valuations are not meaningfully lower as compared to the end of 2017 and…

You know the rest of that line. As practitioners of fundamental value investing, we are looking for market inefficiencies that allow us to purchase shares of strong companies at advantageous…