Category Archives: Quarterly Letters

“One Giant Epcot Center”

Posted on October 24, 2012 by Cullen Thompson

“SO BASICALLY CHINA IS ONE GIANT EPCOT CENTER,” were the words uttered by Chris Pavese, himself unsure of whether they formed a question, a tongue-in-cheek comment, or an apt summary of what we had witnessed touring nearly a dozen Chinese … Continue reading →

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Alternative Histories

Posted on January 6, 2012 by Cullen Thompson

See below for our most recent Commentary, which discusses how complex systems, such as political, economic and financial structures, are inherently fragile, often leading to unpredictable (and abstract) outcomes.

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Our Framework (August 2011)

Posted on August 12, 2011 by Cullen Thompson

“We can’t solve problems by using the same kind of thinking we used when we created them.”   –Albert Einstein Fully two years after the end of the recession and 12 months after the Treasury Secretary penned a New York Times … Continue reading →

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Investing In An Unbalanced World – Presentation & Speech

Posted on May 11, 2011 by Donald Stoltz

Below we’ve attached a speech and presentation that Cullen gave April 21st to the CFA Society of Alabama.  It’s a very good “summary” of our current views and concerns that we feel should be on the forefront of investors minds.  Specifically addressing, Are We … Continue reading →

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Shorting Congress (January 2011)

Posted on March 31, 2011 by Donald Stoltz

“That government is best that governs least,” declared Thomas Payne, noted pamphleteer and co-Founding Father of the United States.  What has been a long-standing libertarian belief has more recently been converted into an investable (and successful) investment strategy.  The Congressional … Continue reading →

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When Convention Fails (October 2010)

Posted on March 31, 2011 by Donald Stoltz

“The Committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary,” so said Ben Bernanke, head honcho at the Federal Reserve, in a speech delivered to his counterparts around the globe at this year’s Federal … Continue reading →

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New Deal Redux (March 2010)

Posted on March 30, 2011 by Donald Stoltz

“If I have seen further,” Isaac Newton once said, “it is only by standing on the shoulders of giants.”  In science, progress is cumulative.  In managing the fiscal affairs of government, it is nonexistent.  Each successive generation, it seems, must … Continue reading →

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The Lost Decade (October 2009)

Posted on March 30, 2011 by Donald Stoltz

Love affairs, as they say, don’t end easily.  Yet one has to marvel at the unwavering obsession with US equities. As many 401k participants will attest, the decade of the 2000s has not been kind to investors, particularly to those … Continue reading →

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