Market data:

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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First Quarter Letter 2013

Macro outlook

2013 was ushered in three months ago amidst clouds of fiscal uncertainty in the US,
economic slowdowns in Emerging Markets and misplaced austerity in most of Europe.
As a result, most investors kept looking for safety in the coziness of Uncle Sam debt and
other fixed income instruments. As it often happens, equities, especially in the United
States, bucked the expectations and delivered a strong first Quarter performance. The
upside surprise was a direct consequence of good absolute valuations, excellent relative
valuation (to bonds) and a series of domestic economic numbers that have mostly
surprised to the upside.

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