Market Intelligence

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 our...

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 me...

Matt Logan, Portfolio Manager at Harris Associates “There is a battle underway.  There are no tanks, ground troops or air support, but make no mistake: a battle is underway.  Boardrooms across America, and increasingly across the globe, have turned into a theater of war for the...

“At Dodge & Cox, we encourage long-term investors to focus on long-term returns.  In our conversations with investors, however, we find that even those focused on the long term often use short-term returns to assess risk.  This can create a disconnect: if short-term returns are...

Warren Buffett, Chairman, Berkshire Hathaway “For the great majority of investors, however, who can – and should – invest with a multi-decade horizon, quotational declines are unimportant.  Their focus should remain fixed on attaining significant gains in purchasing power over their investing lifetime.  For them, a...

Managers of the Tweedy, Browne Global Value Fund “With declining oil prices driving oil shares lower, it is easy to lose sight of the longer term fundamental case for oil and gas.  While we have no idea where oil prices will settle in the short run,...

Rob Arnott – Manager, PIMCO All Asset Fund “We think deflation is unlikely.  True, demography (an aging labor force and a soaring roster of retirees) is deflationary, but any determined central banker can prevent deflation.  The lessons of the 1930s in the U.S. or the past...

Charles Royce, Chief Executive Officer, Royce & Associates “When evaluating fund performance, it is common practice to review results for the most recent year (often the calendar year) along with its related longer-term trailing periods. However, a calendar-year return is not necessarily any more or less...

Dick Davis, Respected Investor HOW TO DEAL WITH AN ORNERY UNPREDICTABLE STOCK MARKET “I am diverting from the non-investment theme of this blog because I would like to take advantage of yesterday's (Oct 15, 2014) wildly gyrating performance to make a few points on how to deal with...

Tad Rivelle, Chief Investment Officer Fixed Income, TCW “The powers that be, whether they’re at the Fed, on the Street, or elsewhere, have an intelligent perspective.  The point that is generally put forward is that the business cycle ends because of imbalances.  So where is the...