Trends & Tail Risks

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

An Investment Lesson from Homer’s Odyssey

POSTED ON March 23rd  - POSTED IN Uncategorized

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

POSTED ON March 9th  - POSTED IN Uncategorized

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 Uncategorized

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?

POSTED ON February 9th  - POSTED IN Uncategorized

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 […]

The Message of the Yield Curve

POSTED ON January 26th  - POSTED IN Uncategorized

By LEWIS JOHNSON – Co-Chief Investment Officer | January 26, 2017  Today the Dow Jones Industrial Average crossed 20,000 for the first time, which is reason for all investors to celebrate.  But today’s investment environment remains challenging and not without risk.  For instance, the investment publication Barron’s in September ran with a cover “Strategists say Beware the […]

Activity Does Not Equal Progress: The Value of Patience and the Importance of Valuation

POSTED ON January 12th  - POSTED IN Uncategorized

By LEWIS JOHNSON – Co-Chief Investment Officer | January 12, 2017  I ran across an interesting article the other day and wanted to build upon it for our investors and friends.  The website “Irrelevant Investor” showed the long-term performance of Amazon.com (AMZN), which though only public for twenty years, is now one of the world’s largest publicly-traded […]