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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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Third Quarter 2013 Investors Letter

Macro outlook

The much awaited FOMC meeting of September 18th has come, surprised everyone, and has gone. The consensus expectation of an initial “tapering” of the Quantitative Easing program by at least $10 million per month did not materialize.

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Second Quarter 2013 Investors Letter

The second Quarter of 2013 has provided investors with a sudden return to volatility in most asset classes. As the Federal Reserve started to prepare the ground for a possibly imminent exit from Quantitative Easing, the market response was predictably volatile.

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