Trends & Tail Risks

A bi-weekly publication dedicated to the principle that deeper and broader knowledge drives superior investment results

Hippocratic Investing: First Do No Harm

POSTED ON April 20th  - POSTED IN Uncategorized

By LEWIS JOHNSON – Co-Chief Investment Officer | April 20, 2017  Cartoons on Saturday morning were a fun part of my childhood – cartoons and the chocolate ice cream that my Mom let me eat for breakfast while I watched them.   I can still picture the scene in the “Road Runner” when a determined Wile E. […]

Clients Are an Investment Firm’s Most Important Assets

POSTED ON April 6th  - POSTED IN Uncategorized

By LEWIS JOHNSON – Co-Chief Investment Officer | April 6, 2017  Nobody would blame you if you thought that an investment firm’s most important assets are those that go up and down in the markets every day.  But you would be wrong.  Clients are an investment firm’s most important assets.  Believe me, I understand the allure of […]

An Investment Lesson from Homer’s Odyssey

POSTED ON March 23rd  - POSTED IN Art of Valuation, Bottom Up Analysis, Replacement Cost

By LEWIS JOHNSON – Co-Chief Investment Officer | March 23, 2017  When Homer wrote “The Odyssey” around the 8th Century B.C., he couldn’t have known that his epic poem held an important investment lesson.  “The Odyssey” followed the struggles of its hero Odysseus’ travels toward home after the conclusion of the Trojan War.  One peril he and […]

Understand Your Investment Decisions

By LEWIS JOHNSON – Co-Chief Investment Officer | March 9, 2017  Last week I presented on our firm’s research process and investing framework to a group of prospective clients on the east coast of Florida.  I always enjoy these opportunities to share with others the lessons I have learned over the course of my professional investment career.  […]

The Rise of the Robots?

POSTED ON February 23rd  - POSTED IN Commodities, Indicators, Thinking About the Future

By LEWIS JOHNSON – Co-Chief Investment Officer | February 23, 2017  Robots have been a staple of science fiction entertainment since sound was twinned with “moving pictures” in the 1920s to make the first “talkies.”   Since then, a long list of writers starting most famously with Isaac Asimov have featured robots extensively in their works.  By the […]

Is Low Volatility Sustainable with Populists in Power?

By LEWIS JOHNSON – Co-Chief Investment Officer | February 9, 2017  It’s funny, the things that catch your eye.  Sometimes the biggest insights can come from the smallest things.  I came across this image of our President’s redecorated Oval Office and noticed the newly hung portrait of our 7th President, Andrew Jackson.  This suggests that our new […]