Trends & Tail Risks

Trumpnomics on International Trade: The Times They Are a Changing

By LEWIS JOHNSON – Co-Chief Investment Officer | December 28, 2016 “Come gather ‘round people Wherever you roam And admit that the waters Around you have grown And accept it that soon You’ll be drenched to the bone If your time to you Is worth savin’ Then you better start swimmin’ Or you’ll sink like […]

Navigating Confused Seas

By LEWIS JOHNSON – Co-Chief Investment Officer | December 15, 2016 “A smooth sea never made a skillful sailor.” -Franklin D. Roosevelt “Confused sea conditions occur as a result of major shifts in wind direction that occur quickly.  This causes waves coming from differing directions, resulting in waves that are irregular and unpredictable.”  -David […]

Bearish to Bullish: Opportunities in Steel

By LEWIS JOHNSON – Co-Chief Investment Officer | November 30, 2016 “There is a time for everything, and a season for every activity under the heavens.” -Ecclesiastes 3:1 “No one that encounters prosperity does not also encounter danger.”  -Heraclitus “If you don’t like the weather…, just wait a few minutes.”   -Mark Twain […]

Bond Weakness Is a Temporary Setback and Not the Cycle’s End

By LEWIS JOHNSON – Co-Chief Investment Officer | November 17, 2016 “The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults.” -Alexis de Tocqueville “I predict future happiness for Americans, if they can prevent the government from wasting the labors […]

A Bull Market in Populism and De-Globalization

By LEWIS JOHNSON – Co-Chief Investment Officer | November 3, 2016 “After sighing for a long time in secret, they [the people] at last begin to groan, and now finally to cry out in universal protest.” -Cicero’s Letters to Atticus “Nothing is as popular nowadays as hatred for “popular” politicians.”  -Cicero’s Letters to […]

Oil Investing, Rockefeller Style

By LEWIS JOHNSON – Co-Chief Investment Officer | October 19, 2016 “The way to make money is to buy when blood is running in the streets.” -John D. Rockefeller “Experience is a jewel, and it had need be so, for it is often purchased at an infinite rate.”  -Shakespeare “The fool will be […]

THE POTENTIAL RISE OF SYSTEMATIC RISK?

By LEWIS JOHNSON – Co-Chief Investment Officer | October 5, 2016 “They sicken of the calm that know the storm.” -Dorothy Parker “Hell is truth seen too late.”  -Hobbes “The art of being wise is the art of knowing what to overlook.”   -William James “In the short run the market is a voting […]

WORLD BEATING PERFORMANCE IN SILVER

By Lewis Johnson – President, Co-Founder & Partner  |  September 21, 2016 “Wisdom begins with wonder.” – Socrates “I have no special talents. I am only passionately curious.” – Albert Einstein “What we call chaos is just patterns we haven’t recognized.” – Chuck Palahniuk “We should be careful to get out of […]

SUCCESS BEGINS WITH DEFENSE: IS THIS THE BOTTOM OF THE AGRICULTURE CYCLE?

By Lewis Johnson – President, Co-Founder & Partner  |  September 7, 2016 .“Panics do not destroy capital, they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.” – John Stuart Mill “It’s [German Kursk battle plan] principal weakness was that it was so obvious.”  […]

THE HIGHEST QUALITY GROWTH COMPANIES ARE AAA BONDS THAT GROW

By Lewis Johnson – President, Co-Founder & Partner  |  August 24, 2016 “Cleverness is not wisdom.” – Euripedes “A man on a thousand mile walk has to forget his goal and say to himself every morning, ‘Today I’m going to cover twenty-five miles and then rest up and sleep.” – Leo Tolstoy, […]

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