“Sticky” Inflation and the Lessons of 2003

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Inflation has proven stubborn, energy costs have surged on the current conflict in the Middle East, and markets have been choppy. All of that is real. But the discomfort of the headlines is not the same as a genuine threat to your long-term plan. History, and the Spring of 2003 in particular, offers a steady […]

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The Loneliness of the Goalkeeper: Managing Risks

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“The essence of investment management is the management of risks, not the management of returns.”  — Benjamin Graham The World Cup has arrived in North America. June and July are filled with over a hundred games featuring four dozen of the world’s best teams. The World Cup is a pinnacle of athleticism on a global […]

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When the Rocket Launches Without You

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“The important thing about an investment philosophy is that you have one you can stick with.”   – David Booth   Every few years, an IPO comes along so large and so talked-about that it tests whether you actually believe in your investment philosophy … or merely believe in it when it’s comfortable. This is one […]

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