2Q 2018 Letter to Investors

Updated: Jul 17, 2018

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 serious reduction in economic activity around the globe. We take a look at the fallacy of equating trade imbalance to prosperity and explain why tariffs are not a remedy for a trade deficit. Then we look back over ten years of investing and find that the world has changed substantially. Read 2Q Letter to Investors