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

The Simple Power of a Causal Framework

POSTED ON April 8th - POSTED IN Gold, Cycles, Commodities, Commodity, supply & demand, Steel

By Lewis Johnson - CHIEF CONCLUSION Successful investing doesn’t have to be complex. Sometimes the simplest insights can be the most powerful – if you have the conviction to follow them. We derive our conviction from[…]

Sam Zell Invests in Energy. Should you?

POSTED ON December 12th - POSTED IN Cycles, supply & demand

By Lewis Johnson - CHIEF CONCLUSION Savvy cyclical investor Sam Zell is buying energy assets. Our own research team has been studying the energy sector with much interest as well. Many of the potential investments we[…]

Not Even Wrong

POSTED ON December 27th - POSTED IN Cycles, Indicators

By Lewis Johnson - CHIEF CONCLUSION The Fed is overtightening. It is advancing interest rates at a faster pace than that currently priced into the market. The stock market’s recent plunge, the worst December[…]

Skate Where the Puck's Going, Not Where It's Been

POSTED ON December 13th - POSTED IN Bonds, Cycles, Indicators

By Lewis Johnson - CHIEF CONCLUSION Markets are rightly focused on the future, on where the puck is going, not on where the puck has been. We try to direct our portfolios to where the puck is going through our[…]

The Difference Between Brains and a Bull Market

POSTED ON November 29th - POSTED IN Cycles, Indicators

By Lewis Johnson - CHIEF CONCLUSION Coach Nick Saban’s success at the University of Alabama shows that disciplined processes win championships. In our opinion, investing is no different. Investment returns are[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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