Commentary
Quarterly recaps and white papers.
Archive07
- April 15, 2026First Quarter 2026 Quarterly Market RecapA geopolitical shock, a repricing Fed, and why we continue to read volatility as opportunity rather than risk.Quarterly Recap
- January 8, 2026Fourth Quarter 2025 Quarterly Market Recap & 2026 OutlookA third straight year of double-digit gains, and why 2026 returns will have to be earned through earnings, not multiples.Recap & Outlook
- October 14, 2025White Paper: The 80/20 Business SystemHow the Pareto Principle becomes an operating system, and what its adoption signals about a management team's discipline.White Paper
- July 2, 2025Second Quarter 2025 Quarterly Market RecapGet comfortable being uncomfortable: reading a tariff-driven market for mispriced quality.Quarterly Recap
- April 22, 2025First Quarter 2025 Quarterly Market RecapLooking for mispriced opportunities in a chaotic market, when sentiment, not fundamentals, is setting the price.Quarterly Recap
- March 3, 2025White Paper: The Importance of Reinvestment Opportunities in Driving Intrinsic ValueReturn on capital, the runway to reinvest it, and the quality of earnings: the three drivers behind intrinsic value.White Paper
- January 30, 20252025 Market OutlookIs the glass still half full? Concentration, the Magnificent Seven, and where we see the next opportunities.Market Outlook