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

Dipping a Toe into the Emerging Market Waters

POSTED ON February 21st - POSTED IN Art of Valuation, emerging markets

By Lewis Johnson - CHIEF CONCLUSION Since 2012, investors owning the S&P 500 have seen their money grow eight times faster than the return of the MSCI Emerging Market Index. Investors unfortunate enough to lug around[…]

Swimming Naked

By Lewis Johnson - Chief Conclusion A month ago, we explained George Soros’ “reflexivity” to help explain why we thought more weakness lay ahead for many emerging markets. Since then Argentina’s currency has collapsed[…]

Avoid the Monkey Trap

By Lewis Johnson - Chief Conclusion Today’s “Trends and Tail Risks” is about what happens to leadership stocks when confidence flees, and bull markets turn into bear markets, which has taken place on average every nine[…]

Old Dog, New Tricks?

POSTED ON May 17th - POSTED IN Art of Valuation, Thinking About the Future

By Lewis Johnson - Chief Conclusion The world’s best investors are constantly learning, constantly trying to expand their circle of competence to make better decisions. Today I explain a recent revelation I had when I[…]

Fearless Twenty-Six-Year Olds

By Lewis Johnson - Chief Conclusion Our valuation discipline is at the heart of how we manage portfolios. Why? Because if you pay too much even for a good company, you can “be right” about the future and still lose[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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