2014

What College Never Taught Me About Business

What College Never Taught Me About Business

June has been a busy month in our household with two graduations to celebrate; our oldest from college and our youngest from high school. As much as my wife and I are excited for the future that lay ahead of them, it is not without apprehension.

I have laid awake at night wondering if they are adequately prepared to enter the workforce and be the self-sustaining, contributing members of society we hope they’ll be. Regardless, I found myself writing a top ten list the other day of what twenty-eight years in business and adult life has taught me, with the thought that it will be needed soon.

2013 Q4 Commentary: Investing in Uncharted Territory

2013 Q4 Commentary: Investing in Uncharted Territory
“The less prudence with which others conduct their affairs, the more prudence we must use in conducting our own.”

 

-- Howard Marks’ favorite quote

As a portfolio manager, I have two jobs: 1) Define the playing field by understanding risk and 2) Once the playing field is defined, invest in opportunities that offer our clients the best risk adjusted return in order to achieve their goals. Last quarter we discussed our probabilistic approach in defining the playing field and understanding the dynamic of the risk/return tradeoff. This quarter I will update you on our thoughts on risk and share some thoughts on portfolio construction in light of these risks and uncertainty.

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We share some thoughts about what we believe on our Pilot’s Log and Navigating Markets including words of wisdom inspired by the greats, periodic updates about current markets and timely seasonal reflections.

 
 

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