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 some still higher price.” It has been said countless times that, “History doesn’t repeat itself, but it often rhymes,” a quote attributed to Mark Twain. In reality, history occasionally does…
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 Powell 09/21/22 Press Conference The Stock Market and Speculation Deflation The stock market closed the 3rd quarter at the low for the year. As measured by the S&P 500 (with…