Belaboring the obvious…

Posted on Nov 25, 2018 by in Letters

At the risk of being repetitive -- or of being thought a nag --  we offer a modest update on the ongoing sell off in the market.  It is not over and is unlikely to be over soon.  We shared our tactic of scaling out on the scale down when the market broke.  This tactic has allowed  us to preserve the great majority of our capital.  Though mightily tempted to try to catch the falling knife.  We now think that if ever there were a time to avoid the knife this is it.  Quite possibly this is the unique sell off not just of this market, but of all markets.

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