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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.
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.