Monthly Newsletter

This month, I am sharing thoughts on three, disparate ideas to ponder:

            ·       Success leaves clues - How do great long term (value) investors view the investment opportunity set?

            ·       Is capitulation into equities (at least temporarily) at hand?

·       What are the risks to policy errors?

Success leaves clues - How do great long term (value) investors view the investment opportunity set?

Several years ago I saw a dynamic speaker named Jim Rohn present at a conference.  He made a comment that has stuck with me to this day.  I am paraphrasing here but essentially, “look at what unsuccessful people do and ……don’t do that.  The corollary – watch what successful people do, and do what they do.”  Warren Buffett (Berkshire Hathaway), Mason Hawkins  (Southeastern Asset Management – manager of The Longleaf Funds) and Chuck Royce (Royce Associates) are three investment greats that can teach us a great deal about building and preserving wealth.    

Warren Buffett’s annual letter to shareholders in the Berkshire Hathaway annual report is essential reading for anyone interested in being a successful long term investor.  While the annual report is not out, Fortune ran a brief excerpt of some of the points in the upcoming letter.