It’s unsettling when The Weather Channel and CNN camp out in your town to cover an incoming hurricane described as the biggest storm ever recorded in the Atlantic. Hurricane Irma was massive, with winds of at least tropical storm force covering 70,000 square miles—larger than Florida’s entire land area. Just several days prior to landing in Naples, it appeared Irma would track the east coast of … [Read more...]
Client Letter – August 2017
Did you know that Tesla Inc., the electric car maker founded in 2003, is now the largest auto-manufacturer in the United States? Not as measured by the number of automobiles produced—GM still holds that crown—but by market capitalization. Tesla’s market capitalization is even more amazing when you consider the company produced 84,000 cars in 2016 compared to the over 10 million and over 6 … [Read more...]
Client Letter – July 2017
Last month I wrote to you about the deleterious effects of the central-bank liquidity bubble on deep-value opportunities. Deep value stocks aren’t the only casualty of excess central-bank liquidity, though. There is a more ominous problem brewing in markets. Global central banks’ hair-trigger approach to providing monetary stimulus at every hint of market turmoil has institutionalized the idea … [Read more...]
Client Letter – June 2017
Many of our long-time clients may recall the name Longleaf. For those who do not, Longleaf is a family of mutual funds managed by Southeastern Asset Management. Southeastern is a boutique value manager. When mutual funds played a bigger role in our investment programs, we invested in the Longleaf funds for clients. We’ve long considered Longleaf to be among the good guys in the mutual fund … [Read more...]
Client Letter – May 2017
I’ve written critically of Amazon.com’s profitability in past letters, but my criticism of the company doesn’t extend to Jeff Bezos, Amazon’s CEO. Bezos may have run Amazon.com for years without turning a meaningful profit, but there is no denying the guy is brilliant. In the span of two decades, Bezos turned Amazon.com into one of America’s largest companies. He continues to disrupt and decimate … [Read more...]
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