TRENDS & TAIL RISKS™

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

Ask Better Questions to Make More Money

By Lewis Johnson - Chief Conclusion Asking better questions is the fastest way to make more money in the markets. In today’s “Trends and Tail Risks,” I will take a step back and explain the backstory of how asking[…]

Credit Watching: Exter's Inverted Pyramid At Work

POSTED ON May 31st - POSTED IN Credit

By Lewis Johnson - Chief Conclusion When danger rears its head, the mass of capital flees riskier assets to crowd into the much smaller quantity of safer assets, which drives up their price. Worsening credit quality,[…]

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[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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