July 14, 2016 Excerpted from a letter sent to clients on July 12, 2016. The post-"Brexit" panic seems to have fizzled out almost as quickly as it came on: global stock markets are now higher than the day before the UK voted to leave the European Union.1 In our last letter, sent the day …
The “Rising Tide” and Our Investments
May 22, 2015 This is a follow-up to our prior article, The Rising Tide of Economic Progress, and Why it's Rarely “Different This Time.” Here's a quick recap: "Stocks" are not just numbers on a screen — they represent partial ownership of businesses, including a share of all future earnings …
Why own emerging markets
January 6, 2016 Excerpted from a letter sent to clients on January 6, 2016 "Every great investment started out as a perfectly good investment that went against you." — GMO's Ben Inker, on value investing Our emerging markets investments were the main cause of our …
The Rising Tide of Economic Progress, and Why it’s Rarely “Different This Time”
February 12, 2015 It seems like many people think of stocks simply in terms of their prices, as if stocks are just numbers on a screen that go up or down. Perhaps that's a useful simplification for day traders, but for long-term investors the reality is different: a stock represents fractional …
This Chart Pretty Much Sums It Up
August 28, 2014 We recently came across a great chart showing valuations for the stock markets of the US (blue line), developed international countries (orange line), and emerging market countries (green line): To clarify, the chart isn't tracking performance, but …
Values vs. Headlines, and the State of Global Stock Valuations
November 18, 2013The article below is excerpted from a letter sent to clients on October 14, 2013. (Yes, we are just now getting around to posting it on the website). For some context, the letter was sent in the midst of widespread concern about the government shutdown and the debt ceiling standoff. …