Icon Thoughts

Thoughts on Investing

This manager commentary provides insight into our global, concentrated absolute value investing philosophy and the key tenets that have consistently underpinned our value investing approach.

Icon Notes

C&B Notes

The purpose of C&B Notes is to pass along ideas, concepts, stories, and information that are informing and influencing our worldview and “latticework of mental models.”

Icon Travelogue

Travelogue

There is no substitute for being on the ground to assess how businesses are really performing. Accordingly, international and domestic travel is a critical component of our research. This Travelogue includes snippets from some of these international trips.

Probabilities Rather Than Certainties Probabilities Rather Than Certainties »

Investing is a probabilistic endeavor, and being “certain” of a particular outcome – whether it is the direction of a commodity’s price, the shape of a yield curve, a smooth and steady increase in a company’s earnings, etc. – is the enemy of good decision-making and a recipe for permanent capital loss. A talk that Jason Zweig gave back in 2001 is a useful reminder of this idea.
Continue reading

Europe’s Demographic Tides Europe’s Demographic Tides »

A new map created by Germany’s BBSR shows in greater detail than has been previously available the population shifts impacting Europe.
Continue reading