Elevator or the Stairs??

Posted on Saturday, December 6th, 2014

Small caps have been our roadmap as we continue to assess the risk/reward conundrum that investing in a central bank dominated world presents. Small caps led us to see the shortcomings in the market before its brief fall in mid October which allowed us to use some dry powder and positively influence our returns this… read more.

Broken Clocks and Sandcastles

Posted on Saturday, October 11th, 2014

Many of you have been anxious to hear how we feel things are unfolding. While we are busy this week writing our quarterly letter we thought that given the volatility and pain of this week we would write you a small note. Like a broken clock that is right twice a day we have been… read more.

October Ghosts?

Posted on Sunday, September 28th, 2014

For the last few years the time to take profits has been when volatility shows up. When volatility calms down it is time to ride markets slow grind higher. We have been warning for months that volatility would rise as the Federal Reserve exits its QE policy this month. We had this to say in… read more.