Each November, we send out a thanksgiving letter to our clients. Last year was Jon’s turn and he wrote recalling his previous work experiences (and failures). So, this year, I thought I would piggyback on that, and give you Part 2 of “A Few Heartfelt Words About The Value of Work and Thanksgiving”.
"You Can't Always Get What You Want" Isn't Just a Rock Classic, But a Portfolio Theory That Speaks To Us in 2020
I suspect this will be the first and last time I’ll feel the need to invoke the wisdom of Mick Jagger and Keith Richards as portfolio managers, but there is a lot to this classic rock song from 1968 that speaks to our current investment climate… especially for us value investors.
2020 has been a year of expanding vocabulary. Between pandemics, fires and prairie hurricanes, there’s a lot of new words we learned this year! Here are a few new ones from 2020 with a hint of satire that will hopefully make you laugh today.
The start of the fall season brings excitement for different reasons. The leaves start to change color, cooler temperatures bring relief after the sweltering summer heat, and college football games play all day on Saturday (if you’re an ISU fan this year… condolences to my fellow Hawks fans). There’s lots of reasons to celebrate the arrival of fall.
Last quarter I wrote of the distorting effect fear has upon price in financial markets during panics and suggested that the long-term investor was better off focusing upon portfolio cash flow until calmer spirits returned.
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