TRENDS & TAIL RISKS™

A monthly publication dedicated to the principle that deeper and broader knowledge drives superior investment results

Clients Are an Investment Firm's Most Important Assets

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[…]

An Investment Lesson from Homer's Odyssey

POSTED ON March 23rd - POSTED IN Art of Valuation, Replacement Cost, Bottom Up Analysis

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.[…]

Activity Does Not Equal Progress: The Value of Patience and the Importance of Valuation

POSTED ON January 12th - POSTED IN Art of Valuation, Indicators, Thinking About the Future

By Lewis Johnson - Chief Conclusion The two most necessary preconditions for successful investing are 1.) insight and 2.) patience. One without the other will do you absolutely no good. Held patiently, a diversified[…]

Bearish to Bullish: Opportunities in Steel

POSTED ON December 1st - POSTED IN Cycles, Commodities

By Lewis Johnson - Chief Conclusion Our bearish outlook on the steel industry in mid-2014 helped us to avoid the huge declines in steel equities, some as high as 85%, that followed in the wake of the inventory cycle[…]

Bond Weakness Is a Temporary Setback and Not the Cycle’s End

POSTED ON November 17th - POSTED IN Bonds, Cycles, Indicators

By Lewis Johnson - Chief Conclusion What does last week’s election mean for the markets? The election has been positive for the equity market but negative for bonds. Are bonds through? A veritable galaxy of investment[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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