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First Quarter 2014 Investors Letter

“He who knows when he can fight and when he cannot, will be victorious.”

The Art of War, Sun Tzu

As expected and discussed in our previous Quarterly Letter, the first three months of 2014 were volatile and eventful.  Equity markets around the world struggled to find direction, new Fed Charwoman Janet Yellen was possibly misunderstood by financial markets after her first press conference and Mr. Putin decided to take advantage of Ukrainian instability and annexed Crimea among global outcry.

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Fourth Quarter 2013 Investors Letter

“The stock market is filled with individuals who know the price of everything and the value of nothing.”

Phillip Fisher


As famed investor and author Phillip Fisher reminded us many years ago, understanding the intrinsic value of an asset is one of the keys to long term successful investing. Regrettably, financial markets are filled with participants that forget the importance of research and applied common sense.

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