H.A.L.

Posted on Sunday, October 21st, 2018

Homebuilders and autos tend to lead in the late cycle period. They also tend to peak prior to the end of hiking cycle such as the one we are in. They have been taking it on the chin as Mercedes and BMW reported horrible numbers last week and the Homebuilders ETF is down 18% in… read more.

Chill in the Air

Posted on Sunday, October 14th, 2018

God, I love Fall. There is a Chill in the air, college football on television and the stock market gets really interesting. A chill wind blew through the markets this week. If you read our Quarterly Letter last week you know that we said that the selloff could come at any moment and come quickly.… read more.

The Hot Hand

Posted on Sunday, September 30th, 2018

  One thing about investing is knowing who to listen to. Howard Marks has a new note this week and we dropped everything to read it. Here are some of the pearls of wisdom he dropped this week. His new book is coming out and I, for one, can’t wait to get my hands on… read more.