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The Three Second Rule

Our first quarter letter’s discussion on paying more attention to the whims and fancies of Mr. Market’s focus spurred a few friends to recommend some great psychological summer reads. To quickly summarize the quarterly letter, System 1 thinking, the fast…

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Second Quarter 2020 Letter

Click here to read the second quarter 2020 letter to investors. This one is highly analytical in picking apart our performance, exposures and factor drivers. In it, I explain why we’ve chosen companies off the beaten path, yet remain exposed…

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Thinking Now & Later

Before it was cool to dump on General Electric and its “we must beat the quarter” Jack Welch-era style management, in a public manner, David Cote did so by proving there was a better way. In his new book, Winning…

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Finding Value in Biotech

Despite the biotech industry having pockets of extreme and irrational ebullience, the largest part of the industry is systematically underfunded. It's also the highest-value-add part of the industry from a risk-adjusted basis. In this video we have a philosophical discussion…

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The Psychology of Passive

There have been many words and frustrations published regarding the shift of investors from active to passive funds. To our knowledge there have been none highlighting the shift in psychology that takes place when investors transition to becoming passive index…

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A Purpose Driven Decade

It’s been a year of significant growth for us. A year ago, we merely suggested to managers value creative actions they could implement at their companies. Today, we are effectuating change from inside our largest position. We’ve continued to lower…

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