Recent Client Letters

Below are a handful of recent letters to our clients.

If you’d like us to send you an email when new letters are posted, just fill out the form on the bottom of this page.

2017 Annual Letter

  • The Pivotal Year of 1959, and the Era of Irrational Exuberance It Spawned
  • A View of Yet Another Asset Bubble
  • Investing for a Post-Bubble Market Environment

April 2016 Client Letter

  • Benjamin Graham, Simplicity and Potential Returns in Today’s Over-Valued Market
  • An Update on Precious Metals and the Volatility We Expect

2016 Annual Letter

  • What the 1940s May Teach Us About the Decade Ahead
  • Summary of Equity, Commodity and Bond Markets
  • Reflections on This Market Cycle and Our Portfolios

March 2015 Client Letter

  • Warren Buffett’s 50th Anniversary Letter to Shareholders
  • How Inflation Swindles the Equity Investor
  • Observations on Current Corporate Buybacks from a Buffett/Graham Point of View

2015 Annual Letter

  • A Brief Sojourn to Paris, 1715
  • A Rhyme of History, Only This Time It’s Global
  • On Economic Cycles, Valuations and the Current State of the Markets
  • Our Portfolios
  • Expectations for the Years Ahead


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