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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.
Third Quarter 2021
Key points for the quarter include: Fragile is the word of the quarter; stocks were little changed; shiny objects can get you in trouble; and we continued our series on moats, discussing the network effect this period.
Second Quarter 2021
Key points for the quarter include: Stocks advanced nicely, logging another strong quarter; non-investment grade bond yields plumbed new lows; moats come in various forms, and switching costs are discussed in this report; and we plan to return to the office five days a week starting September 1.
First Quarter 2021
Key points for the quarter include: A lot has changed since 1Q 2020; nutty behavior by some market participants is increasing; SPACs are all the rage and a fair warning seems in order; intangible assets can be an economic moat; and advantages are important.