TRENDS & TAIL RISKS™

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

Eyes on the Prize

By Lewis Johnson - The story of struggle, of hard work in a time of great adversity which leads through travail to eventual triumph, is an eternal human story. In all cultures and in all languages we can find examples[…]

"Seeing the Ball" Clearly: The Value of a Cogent and Controversial Narrative

By Lewis Johnson - Baseball is back! With the return of April and the rainy season here in south Florida, baseball has returned. As thoughts turn to baseball, I am reminded of the epic 1991 season for the Atlanta[…]

Blockbuster Results

POSTED ON March 18th - POSTED IN Art of Valuation, Triangulation, Bottom Up Analysis

By Lewis Johnson - I love movies. My favorite movies combine great actors, a riveting story line, stunning imagery and a moving musical score to create a memorable experience. Ultimately there must be one individual[…]

Sir Isaac Newton: Visionary Scientist, Lousy Investor

POSTED ON August 27th - POSTED IN Art of Valuation, Replacement Cost, Risk

By Lewis Johnson - "I can calculate the movement of stars but not the madness of men."

Price is what you pay; value is what you get

POSTED ON July 9th - POSTED IN Art of Valuation, Triangulation

By Lewis Johnson - As value investors we sometimes find ourselves in the most obscure parts of the market. We end up there by design, because we are constantly seeking to limit downside risk by investing in securities[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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