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  • Sub-Advisor Comments – April 2016

    There is much to be learned by studying the brightest and most ethical minds in business.  A long standing read of Madison’s is the Berkshire Hathaway annual shareholders letter written by Warren Buffett.  Each May, Warren and his longtime business partner Charlie Munger speak to …

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  • Sub Advisor Comments March 2016

      Chris Davis, Davis Advisors From the lows of 2009 until the middle of 2015, the market raced steadily higher. In fact, by August 2015 the market had enjoyed its longest stretch without a 10% correction in more than 20 years and the third longest …

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  • Sub Advisor Comments Jan 2016

    Charles Brandes, Brandes Investment Partners  “Indeed, we have seen again and again how non-fundamental factors continue to plague investor behavior. A few years back it was all about the risk on / risk off approach. Earlier this year it was another binary decision on Russia: …

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  • Sub Advisor Comments Sept 2015

    Tweedy, Browne Company Team “Uncertainty, in our opinion, is one of the most difficult factors for professional as well as individual, investors to deal with, and it is dominating the markets currently …In our view, it is ultimately the economics that win out, and in …

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  • Sub Advisor Comments June 2015

    Rob Arnott – Manager, PIMCO All Asset Fund “When will diversification pay off?  My usual response is a non-answer.  The quest for a catalyst that can turn markets around is a waste of time: catalysts are, by their very nature, unexpected.  They are surprises.  Let …

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