Trends & Tail Risks

Research Trip to Ireland Suggests Europe’s Financial Problems Are Not Over

By LEWIS JOHNSON – Co-Chief Investment Officer | November 15, 2017 “You don’t really understand something unless you can explain it to your grandmother.” -Albert Einstein “What’s in a name?”  -Juliet from Shakespeare’s “Romeo and Juliet” “My name is growing all the time, and I’ve lived a very long, long time; so […]

Don’t be a Turkey!

By LEWIS JOHNSON – Co-Chief Investment Officer | November 1, 2017 “One of the worst things that can happen in life is to win a bet on a horse at an early age.” -Danny McGoorty “The safest way to double your money is to fold it over once and put it in […]

Searching for Junonias: The Art of Rejection

By LEWIS JOHNSON – Co-Chief Investment Officer | October 18, 2017 “All truly great thoughts are conceived while walking.” -Nietzsche “October: This is one of the peculiarly dangerous months to speculate in stocks.  The others are July, January, September, April, November, May, March, June, December, August and February.”  -Mark Twain’s “Pudd’nhead Wilson” […]

Homage to Catalonia

By LEWIS JOHNSON – Co-Chief Investment Officer | October 4, 2017 “The thing that had happened in Spain was, in fact, not merely a civil war, but the beginning of a revolution.” -George Orwell’s “Homage to Catalonia” “History is a child building a sandcastle by the sea, and that child is the […]

Hurricane Irma and the Limits of Prediction

By LEWIS JOHNSON – Co-Chief Investment Officer | September 20, 2017 “I made my money by selling too soon.” -Bernard Baruch “I get paid to get suspicious when I’ve got nothing to be suspicious about.”  -Wilford Brimley’s character, the head of security in “The Firm” “We need to stop, and admit it: […]

Rising Steel Prices: Arbitrage at Work in the Steel Markets

By LEWIS JOHNSON – Co-Chief Investment Officer | September 6, 2017 “When my information changes, I alter my conclusions. What do you do, sir?” -John Maynard Keynes “Bravery never goes out of fashion.”  -William Makepeace Thackeray   “If you recognize the statistical certainty that you will be wrong, it should be much […]

Legendary Value Investor John Neff: Investing into the Peak

By LEWIS JOHNSON – Co-Chief Investment Officer | August 23, 2017 “John Neff is the investment professional’s investment professional.  Nobody has ever managed a large mutual fund so very well for so very long a time. And no one is likely to do so ever again.” -Charles Ellis “The market can remain […]

Investing is a Team Sport

By LEWIS JOHNSON – Co-Chief Investment Officer | August 9, 2017 “The stock market is designed to transfer money from the active to the patient.” -Warren Buffett “We have met the enemy and he is us.”  -Walt Kelly’s Pogo “The most important investment ability is an emotional discipline.”   -William Bernstein “If […]

The Discipline of Discomfort

By LEWIS JOHNSON – Co-Chief Investment Officer | July 26, 2017 “The more you seek the uncomfortable, the more comfortable you will become.” -Conor McGregor “The mind is its own place, and in it self/Can make a Heav’n of Hell, a Hell of Heav’n.”  -John Milton “Every adversity, every failure, every heartache […]

Our Firm was Named the Second Fastest Growing Investment Advisor in 2016! Thank You!

By LEWIS JOHNSON – Co-Chief Investment Officer | July 12, 2017 “People don’t really start businesses.  They start crusades and then others respond because they understand that this is special.” -David McWilliams “Lead the ideas of your time and they will accompany and support you; fall behind them and they drag you […]

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