Investing today may well be harder than it has been at any time in our three decades of existence.

The cost of performing well in bad times can be relative underperformance in good times.

The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.