Markets Adapt to Your Style
[…] We believe the market has adapted to quality. Even the value players have adapted and most of them have attached quality to their marketing materials. The style has been adapted and we believe the next era won’t reward quality as it has over the recent past. In markets, we believe the winning hand moves around the table just as it does in poker. Luckily Buffett continues to adapt his play lately by selling Apple and buying OXY. The way we see it, the future winning hands look cheaper and more cyclical, but provide attractive returns on capital for the business in his view and in ours.