Posted by on Oct 14, 2014 in Quarterly Letters |

October 14, 2014 Dear Investor: The S&P 500 has now fallen 7% from its highs. Whether or not losses make it to the technical definition of 10%, this is now a full-blown correction. We’ve gone without one for over two and a half years. Markets have come very far, very fast. They never go two steps without one step back. In many ways we’ve now gone four or five steps without a single major setback. It’s not pleasant to watch. But it’s better...

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Posted by on Oct 2, 2014 in Quarterly Letters |

October 2, 2014 Dear Investor: Although the S&P 500 has only fallen 2.3% percent from its all-time highs, international stocks (including emerging markets) have fallen nearly 10%. This “stealth” correction, obscured by the solid performance of the major domestic indices, provides major opportunity. Emerging markets are now trading at 12 times projected earnings and only 6 times operating cash flow. For comparison’s sake, the S&P...

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