Category: Client Letter
Quarterly Client Letter: Q3 2024
Today, the Federal Open Market Committee decided to reduce the degree of policy restraint by lowering our policy interest rate by ½ percentage point. This...
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Quarterly Client Letter: Q2 2024
Quarterly Client Letter: Q2 2024 When you find a truly wonderful business, stick with it. Patience pays, and one wonderful business can offset the many...
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Quarterly Client Letter: Q1 2024
Therefore, we are prepared for a very broad range of interest rates, from 2% to 8% or even more, with equally wide-ranging economic outcomes —...
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Quarterly Client Letter: Q4 2023
“I think that a life properly lived is just learn, learn, learn all the time.” Charlie Munger, 2017 Berkshire Hathaway Annual Meeting Investing in financial...
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Quarterly Client Letter: Q3 2023
Quarterly Client Letter: Q3 2023 A soft landing is a primary objective, and I did not say otherwise. I mean, that’s what we’ve been trying...
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Quarterly Client Letter: Q2 2023
“Hindsight, the ability to explain the past, gives us the illusion that the world is understandable. It gives us the illusion that the world makes...
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Quarterly Client Letter: Q1 2023
“Recent indicators point to modest growth in spending and production. Job gains have picked up in recent months and are running at a robust pace;...
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Quarterly Client Letter: Q4 2022
“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at...
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Quarterly Client Letter: Q3 2022
We have to get supply and demand back into alignment and the way we do that is by slowing the economy. Federal Reserve Chair Jerome...
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