Still Keeping A Steady Hand

Every year over the past 10 years we have written a similar letter.
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Smaller Is Better

Bigger is not better in the money management business and the larger you are as an investor, the harder it is to allocate in a manner that keeps managers small.
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Recessions – What Should Investors Do?

The evidence may surprise you.
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What To Do About Inversions

It is not easy and requires a lot of active discipline and fortitude.
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The Simple Alternative – Keeps On Winning

The evidence continues to suggest that we should work harder on being simple.
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The Normal Steady Hand

We do not know how long this current crisis will last and our prayers are with all who are suffering. From an investment point of view, however, we continue to suggest what we have written before.
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