CNBC Appearances

March 28, 2019

March Quarter Investor Letter

We continue to believe that equities are reasonably valued and will likely provide worthwhile returns in 2019, but the near-term outlook calls for a healthy dose of caution. After a...

March 01, 2019

February Letter

Over the past few months, it has become abundantly clear that the U.S. economy is slowing down. It took much too long for Fed Chairman Powell and most of his...

December 26, 2018

To Our Valued Clients and Friends

To say that 2018 ended on a miserable note would be the understatement of the century. The economy grew at roughly a 3% rate. Corporate profits rose in excess of...