Day: October 15, 2026

The year 2026 has shown that deeply out of consensus investments in the portfolio have continued to reward investors. Our banks and energy companies continue to lead investment performance as they have over the last three years. While shareholders should enjoy this, we also want to talk about how these companies look versus where we started out with them. […]

When I was a child, we were told, “Starve a cold and feed a fever.” This appears to us to be what is going on in the stock market as we enter the fourth quarter of 2026. A massive capital investment cycle needed to build out data centers and invest in the inputs needed to use artificial intelligence has fed a feverish demand for money. Simultaneously, the U.S. Federal government is running huge budget deficits. This follows a spectacular performance, with relatively short interruptions in a 17-year bull run for the S&P 500 Index. This produced an incredible compounded return of 1,463.9%. […]