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Third Quarter 2022
Key points for the quarter include: The Fed is tightening aggressively; our investment opportunity set is increasing; equity multiples compressed and bond yields rose; we discuss paying down debt and dividends in our capital allocation series; and equity markets are discounting machines.
Second Quarter 2022
Key points for the quarter include: The Fed’s impact is being processed by investment markets; the pantry of opportunity is better stocked; consumer confidence is waning while forward P/Es have improved; negative yielding debt is down $2.1 trillion, globally; and we discuss share repurchases in our capital allocation series.
First Quarter 2022
Key points for the quarter include: Stocks were off during the quarter; value-oriented issues fared the best; prognosticators have been talking about a recession and we discuss our approach; yields moved up significantly which created opportunities; we start a new series on Capital Allocation; and many things in life come and go, but the power of compounding is constant.
Fourth Quarter 2021
Key points for the quarter include: The last two years have been a blur; Buffet’s and Graham’s comments are timeless; market concentration is at the highest level since the 90’s; value stocks are relatively cheap; inflation is difficult to accurately forecast; we continue our series on moats; and investing with a margin of safety is paramount, in our view.