• Notes from the North: September 2019

    Posted:

    Perhaps you’ve been waiting with baited breath for our comments, which are typically issued closer to the middle of the month. Between a scheduled delay of about a week and upcoming quarterly reports, we decided ultimately to wait a little longer, send the newsletter now, quarterly reports mid-month, and then we plan to resume our …

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  • Notes from the North: August 2018

    Posted:

    It seems like August should be a quiet month, but it tends to be surprisingly interesting. This week, in particular, has been anything but a “quiet week in Lake Wobegon!” This Notes includes an interesting chart of the “top ten” companies over the decades. Few rarely stay on the list from one decade to the …

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  • Notes from the North: July 2019

    Posted:

    Howard Marks recently published Mastering the Market Cycle, and also was a presenter at the Mauldin Investment Conference. Our comments this month address both. His book is a healthy reminder of why equity investing is so interesting, and we agree with the gist of his comments from the conference. Download the Newsletter (PDF)

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  • Notes from the North: June 2019

    Posted:

    The Fed wraps up a much-anticipated meeting this afternoon. So much going on! Even in choppy seas, though, there is usually a channel available for navigation. Some thoughts about this channel are explored in this month’s comments. Download the Newsletter (PDF)

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  • Notes from the North: April 2019

    Posted:

    We’ve spent a lot of time on the macro issues with Notes over the last ten years. Today we take a different tack, looking in a little more detail at a specific sector that may offer some opportunity. The charts on page 2 are pretty interesting. Download the Newsletter (PDF)

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  • Notes from the North: March 2019

    Posted:

    The classic adage “Buy low, sell high” is a great idea. Today we include some data that demonstrates the surprising extent to which the investment collective (the “average investor”) struggles to put the adage into practice. Download the Newsletter (PDF)

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  • Notes from the North: February 2019

    Posted:

    Today we focus on profit margins, a very important factor in determining earnings and, thus, value. We hope you will find this of some interest. Download the Newsletter (PDF)

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  • Notes from the North: January 2019

    Posted:

    Today we bring you a brief recap of the year just past, including a review of the expectations that were had for economic activity and earnings growth. In sum, another lesson in why market timing only works in hindsight! Download the Newsletter (PDF)

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  • Notes from the North: December 2018

    Posted:

    The last couple of weeks have been less than inspiring. The market seems to be trying to find its footing today. Traders are sure to be unhappy, but prices have improved for long-term investors!

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  • Notes from the North: November 2018

    Posted:

    When we wrote this, the S&P 500 was relatively flat over the last four weeks. Two days later, this is no longer true. The rest of the first paragraph holds, however: Volatility has returned, and defensive stocks are faring better than cyclical stocks.

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