Brandon Snow's blog

Mid-year review: the more things stay the same, the more they change

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While we have had fairly consistent drivers for the markets over the last few years, we have also had some very interesting things bubbling under the surface this year. If you just tuned in for the first time, you wouldn’t notice much action across markets over the past seven months:
 

Thoughts on negative interest rates

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About six weeks ago, a Scandinavian bank management team visited our office. The country they operate in have had negative yields for some time and during our meeting the team mentioned that the bank had lent out its first negative interest rate mortgage with a rate of -0.01%. This made me think about how wonky the world is today. Governments can borrow money at negative yields, which in essence means someone gives the government money today and pays them for the privilege!

2015 portfolio update

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Another year has passed and with the changing of the calendar we repeatedly get asked what's in store for the next 12 months. Of course it's impossible to predict the future, and a calendar year is an arbitrary timeframe, but we are always happy to discuss opportunities we are seeing as we go through our investment process.

Investing with Honor

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I recently came across a great piece discussing Investing with Honor, which I think very nicely complements our investing philosophy.  The article was written by John Glotermann from Obermeyer Asset Management Company and published in Marc Faber's August Monthly Market Commentary.  Through all the noise in the market and with all the bad players trying to take a piece of the pie without a long term imperative, this discussion really helps remind us of our responsibilities.

Investing with Honor

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