Trends & Tail Risks

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 […]

Deeper Insight Through Indicators

By LEWIS JOHNSON – Co-Chief Investment Officer | June 28, 2017 “Timing is everything.” -Napoleon “The 10,000-hours rule says that if you look at any kind of cognitively complex field, from playing chess to being a neurosurgeon, we see this incredibly consistent pattern that you cannot be good at that unless you […]

Ask Better Questions to Make More Money

By LEWIS JOHNSON – Co-Chief Investment Officer | June 14, 2017 “Are all gold analysts libertarians?  Or do gold analysts become libertarians after studying gold?” “I’m not sure but there is definitely a strong correlation.” -My question to the gold analyst whose coverage I assumed in 2002 and his response. “We shall […]

Credit Watching: Exter’s Inverted Pyramid At Work

By LEWIS JOHNSON – Co-Chief Investment Officer | May 31, 2017 “The rain begins with a single drop.” -Manal al-Sharif “In my opinion, there are two key concepts that investors must master: value and cycles. For each asset you’re considering, you must have a strongly held view of its intrinsic value. When its […]

The Inventory Cycle Turns Down (Part Two)

By LEWIS JOHNSON – Co-Chief Investment Officer | May 17, 2017 “Gentlemen prefer bonds.” -Andrew Mellon, Hoover’s Secretary of the Treasury “History is written by the winners.”  -George Orwell “If something cannot go on forever, it will stop.”   -Economist Herbert Stein “I have the feeling that the sands are running out.” […]

Preparing for the Peak of the Inventory Cycle

By LEWIS JOHNSON – Co-Chief Investment Officer | May 4, 2017 “The end was contained in the beginning.” -George Orwell’s 1984 “All the business of war, and indeed all the business of life, is to endeavor to find out what you don’t know by what you do; that’s what I called ‘guessing […]

Hippocratic Investing: First Do No Harm

By LEWIS JOHNSON – Co-Chief Investment Officer | April 20, 2017 “Just because you can doesn’t mean you should.” -Sherrilyn Kennyon “Missing a train is only painful if you run after it!”  -Nassim Taleb “A bend in the road is not the end of the road…unless you fail to make the turn.” […]

Clients Are an Investment Firm’s Most Important Assets

By LEWIS JOHNSON – Co-Chief Investment Officer | April 6, 2017 “(This is so bad) It isn’t even wrong” -Wolfgang Pauli, Nobel Prize Winning Physicist “Nothing is more powerful than an idea whose time has come.”  -Victor Hugo “People don’t really start businesses.  They start crusades and then others respond because they understand that […]

An Investment Lesson from Homer’s Odyssey

By LEWIS JOHNSON – Co-Chief Investment Officer | March 23, 2017 “You hit homeruns not by chance but by preparation.” -Roger Maris, who held the record for most homeruns in a Major League Baseball season for over thirty years “Success depends upon previous preparation, and without such preparation there is sure to […]

Understand Your Investment Decision

By LEWIS JOHNSON – Co-Chief Investment Officer | March 9, 2017 “An expert is a person who has found out by his own painful experience all the mistakes one can make in a very narrow field.” -Niels Bohr, Nobel Prize Winning Physicist and Founder of Quantum Mechanics “That which does not kill […]

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