Trends & Tail Risks

THE CONSTANT OF CHANGE

By LEWIS JOHNSON – President, Co-Founder & Partner | April 29, 2015 “For everything there is a season, a time for every activity under heaven. A time to be born and a time to die. A time to plant and a time to harvest…” -Ecclesiastes 3:1-2 “Each thing is of like form from everlasting […]

WHY CREDIT MATTERS

By LEWIS JOHNSON – President, Co-Founder & Partner | April 22, 2015 “It’s the little details that are vital. Little things make big things happen.” -John Wooden “The world is still a weird place, despite my efforts to make clear and perfect sense of it.”  -Hunter S. Thompson “Everything has reasons, even if they’re […]

“SEEING THE BALL” CLEARLY: THE VALUE OF A COGENT AND CONTROVERSIAL NARRATIVE

By LEWIS JOHNSON – President, Co-Founder & Partner | April 15, 2015 “You can’t hit what you can’t see.”  –Walter Johnson “A man has to have goals — for a day, for a lifetime — and that was mine, to have people say, “There goes Ted Williams, the greatest hitter who ever lived.” – […]

PAY ATTENTION TO WHAT “SHOULDN’T” BE HAPPENING

By LEWIS JOHNSON – President, Co-Founder & Partner | April 1, 2015 “It isn’t what we don’t know that gives us trouble, it’s what we know that ain’t so!”  -Will Rogers “By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, […]

UNEXPECTED CHANGE

By LEWIS JOHNSON – President, Co-Founder & Partner | March 25, 2015 “In the short run, the market is a voting machine but in the long run, it is a weighing machine.”  -Benjamin Graham “I feel very strongly that, in the short run, the market is illogical, capricious, wanton and wild in the way […]

BLOCKBUSTER RESULTS

By LEWIS JOHNSON – President, Co-Founder & Partner | March 18, 2015 “It’s remarkable how much value can be created by a small group of really talented people.”  – David Wargo “To do great things is difficult; but to command great things is more difficult.”  – Nietzsche “Excellent things are rare.”  – Plato “It’s […]

THE ILLUSION OF ATTENTION

By LEWIS JOHNSON – President, Co-Founder & Partner | March 11, 2015 “Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.”  -George Soros “If you do not expect the unexpected you will not find it, for it is not to […]

CONTANGO FANDANGO

By LEWIS JOHNSON – President, Co-Founder & Partner | March 4, 2015 “If all my possessions were taken from me, with one exception, I would choose to keep the power of communication, for by it, I would soon regain all the rest.”  -Daniel Webster “I like to listen.  I have learned a great deal […]

SECULAR TRENDS UNITING?

By LEWIS JOHNSON – President, Co-Founder & Partner | February 25, 2015 “I wonder whether any other generation has seen such astounding revolutions of data and values as those through which we have lived.  Scarcely anything material or established which I was brought up to believe was permanent and vital, has lasted.  Everything I […]

THE POWER OF CONTINUOUS LEARNING

By LEWIS JOHNSON – President, Co-Founder & Partner | February 18, 2015 “The child is not a prisoner of its inheritance; it holds its inheritance as a new creation which its future actions will unfold.” – Jacob Bronoswki “First principle: never to let one’s self be beaten down by persons or by events.” […]

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