By Lewis Johnson - Chief Conclusion Our level of caution varies depending on where we are in the cycle in terms of time and valuation. The discipline of replacement cost analysis helps us in this endeavor.
By Lewis Johnson - Chief Conclusion Clients are an investment firm’s most important assets. Our goal is to treat clients like the critical partners they are in the investment process. Working together with them, is our[…]
By Lewis Johnson - Chief Conclusion Investors must protect themselves from the Siren song of deceptively important “news.” While news can change daily, the value of a company’s assets and business change only slowly.[…]
By Lewis Johnson - Chief Conclusion Investors underweighting the highest quality and longest duration bonds are ignoring the tail risks of deflationary shocks from China and Europe. Such positioning may disappoint[…]
By Lewis Johnson - Chief Conclusion Robotics and automation technology improvements are reaching a critical mass. These technological advances along with bias from government policies that favor capital over labor have[…]
