The Certain Drag on Performance – Taxes

Is the management of taxable assets without considering taxes a scandal?
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Will the Real Alphas Stand Up?

Does our industry use too much Greek?
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Questioning the Illiquidity Premium

Should investors discount the possibility of an illiquidity premium – potentially significantly?
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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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What To Do About Inversions

It is not easy and requires a lot of active discipline and fortitude.
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