Market Outlook 2017

CLIENTS OF THE FIRM,

As the end of 2016 rapidly approaches, we look back on a volatile year in which we saw a very dynamic stock market stoked by the surprise election result and the long-awaited move higher in interest rates begin to materialize. Our forward focus remains on identifying undervalued investments in a higher price and higher rate environment and the underlying factors that drive incremental profitability in businesses we own and aspire to own.

Peter WernauDecember 15, 2016

Market Outlook Q3 2016

CLIENTS OF THE FIRM,

As we near the end of Summer and the leaves turn amber and brown, permit us to wax a bit poetic at the season that was and what the turn of autumnal clock may bring for our investments. Recently, several macro-economic themes have become clearer as they often do when the mind opens and we turn the page of the calendar. We will try to distill them here.

Peter WernauSeptember 2, 2016