August 22, 2018
A boutique investment firm with a differentiated global thematic equity approach.
Investment Update—July 2018
Our rule of thumb in investing is to ignore politics and focus on fundamentals. This has served us well. However, we view trade differently. We believe many investors and politicians may be underestimating the potential consequences of tariffs. In our opinion, a trade war is one of the greatest risks to the U.S. equity market. The current cycle has not been about top-line
growth. In fact, in terms of revenue growth, this has been one of the slowest recoveries on record. This cycle has been defined by the exceptional margin progression of “manufacturers,” defined broadly as companies who make something somewhere....
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