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Fourth Quarter 2020 Letter to Investors

Value investing has been out of favor for many years but 2020 was the year where we saw the growth-value divide widen most substantially....

Third Quarter 2020 Letter to Investors

As this very unusual year progresses, things have become even more interesting and perplexing. The Fed has poured money into the economy,...

Second Quarter 2020 Letter to Investors

Why is the stock market going up when the economy is clearly in recession? We answer this question and explain why Wall Street seems to...

First Quarter 2020 Letter to Investors

Corona virus hit with a bang and the stock market reacted. We talk about how we're investing in this situation. Then we take on the...

Fourth Quarter 2019 Letter to Investors

Wrapping up 2019, a great year for the stock market, we explore stock valuation and risk factors. We delve into $0 commissions and find...

3rd Quarter 2019 Letter to Investors

Strange things are brewing in the investment markets. This month we talk about the case for negative interest rates and why they might...

2nd Quarter 2019 Letter to Investors

It’s been a great year for the markets so far and an excellent quarter for our portfolios as well. We never take our eyes off the risk...

1Q 2019 Letter to Investors

What a difference a quarter can make! We examine volatility and acknowledge it as part of life for an investor. We look at a study that...

4Q 2018 Letter to Investors

After a stock market rout during the last few months of 2018, we gaze into our crystal ball to find out what is in store for 2019 and...

3Q 2018 Letter to Investors

Economic uncertainty is the theme of this quarter's letter. We talk about how the trade was is impacting everyday life now that tariffs...

2Q 2018 Letter to Investors

US Tariffs are beginning to bite and we worry that these unwise trade barriers could cause a sell-off in the stock market, as well a...

1Q 2018 Letter to Investors

Has the US forgotten the lessons from Smoot-Hawley? As we threaten tariffs against our trading partners, Midway Capital responds with a...

4Q 2017 Letter to Investors

We discuss the merits of various tax reform proposals in light of the new tax legislation coming from Washington, and we offer tips on...

3Q 2017 Letter to Investors

We take a look at the valuation of bonds vs. stocks and ask what we can learn from the Equifax debacle. This leads to a discussion of how...

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