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PERSPECTIVES

Each quarter, we share observations about the market and insights on a specific topic.

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  • Insights
  • Market Commentary
September, 2019
3rd Quarter

The Human Capital Advantage

In today’s fast-paced world requiring ever-evolving skillsets, human capital has emerged as a strategic imperative for employers of all sizes and in all industries. No longer simply an HR issue, recruiting, training, and retaining employees is now a priority for the entire executive suite.

September, 2019
3rd Quarter

A Market Conundrum

Struggling global economies. Continued Brexit deliberations. The Fed reducing interest rates. The market conundrum that was the third quarter has set the stage for investors to ponder what is in store for the remainder of the year as well as for 2020.

June, 2019
2nd Quarter

The Future of Healthcare

The United States healthcare system is making necessary changes to keep up with rising health costs and needs—as well as investing in technologies that better understand, prevent, and treat a myriad of conditions.

June, 2019
2nd Quarter

Taking a Long View for Stronger Financial Returns

Despite a strong ending to the second quarter of 2019, market headlines are still not the key to achieving good long-term results.

March, 2019
1st Quarter

Understanding a Company Through its Accounting Practices

Accounting practices serve as a reflection of a management team. When analyzed properly, accounting does not answer many questions, rather it raises topics to further explore. Thoroughly understanding a company’s accounting practices and philosophy provides a richer fundamental understanding of a company and the integrity of its management team.

March, 2019
1st Quarter

A Strong Start to 2019 for Long-Term Investors

Equity investors could not have asked for a better start to 2019, as all major equity averages appreciated more than ten percent in the first quarter. Nevertheless, investors made rather large redemptions in the first quarter, likely reflecting some collective angst. The present mix of optimism and skepticism may actually be a good balance for long-term investors.

December, 2018
4th Quarter

Our Commitment to Internally Financed Growth

More than any other investment discipline we deploy, internally financed growth shapes our compelling downside protection in weak markets and contributes to the relative predictability of our investment returns.

December, 2018
4th Quarter

The Return of Turbulence

This past year forced investors to contend with renewed volatility spurred by increased inflationary pressures, a hawkish Federal Reserve, trade wars, and decelerating economic growth. As we conclude the year, investors are left to ponder whether 2019 will be reminiscent of the idyllic market of 2017 or if they will be forced to relive the headaches of 2018.

September, 2018
3rd Quarter

How We Assess Management to Identify Endurance

Enduring investments require leadership to cultivate a culture encouraging and even demanding constant innovation—even if it comes at the expense of near-term earnings.

June, 2018
2nd Quarter

The Importance of Sustainable Growth

While few dispute growth is a necessary ingredient for capital appreciation, an oft-neglected piece of analysis is the sustainability of such growth, which requires a deep look at a company’s strategic market position.

March, 2018
1st Quarter

Defining Growth Through Earnings Power

We focus on companies that are producing enduring unit growth while maintaining high returns on invested capital. Sustained unit growth combined with increasing returns on invested capital creates earning power.

December, 2017
4th Quarter

An Enduring Investment Approach is Rooted in What’s True

The ability to resist near-term market emotions and not deviate from their stated investment philosophy is what separates enduring managers from those that come and go based on short-term market phenomena.