Fourth Quarter 2019 Investors Letter
“An optimist stays up until midnight to see the new year in. A pessimist stays up to make sure the old year leaves.”
– Bill Vaughan
Click here to download Fourth Quarter 2019 Letter or view it in a new window
“An optimist stays up until midnight to see the new year in. A pessimist stays up to make sure the old year leaves.”
– Bill Vaughan
Click here to download Fourth Quarter 2019 Letter or view it in a new window
“What you spend years building may be destroyed overnight. Build anyway.”
– Kent M. Keith
Click here to download Third Quarter 2019 Letter or view it in a new window
“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
– Charles Darwin
Click here to download Second Quarter 2019 Letter or view it in a new window
The first quarter of 2019 was a mirror image of the disappointing downward move in December 2018. Markets quickly recovered their footing and indexes are now flirting with new highs.
This reversal of fortune was not just the product of behavioral irrationality, albeit the return of liquidity after the holidays and the usual positive seasonality certainly helped right the ship, but also a quick response to changes – real and perceived – in fundamental factors.
CLICK HERE to download First Quarter 2019 file or view it in a new window.