By Lewis Johnson - Chief Conclusion The market is a humiliation machine. When you are being the most rational, the market makes you look the most stupid. This is not a bug, it’s a feature. Why? Because the rational[…]
By Lewis Johnson - Chief Conclusion We have watched and waited for a decade for Potash Corp. of Saskatchewan (POT) to become cheap enough to purchase again. A few days ago, we finally pulled the trigger and decided to[…]
By Lewis Johnson - Chief Conclusion Even in the most expensive and challenging markets, disciplined value investors can find thoughtful investments with limited risk. One of the many lessons we learned from legendary[…]
By Lewis Johnson - Chief Conclusion The discipline of discomfort demands that investors who seek to outperform must make hard choices, choices that don’t come naturally. This often means cultivating controversy in your[…]
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.
