We continue to expect a short term correction in the market within 2017 to follow the rally experienced in 2016. Long term growth, however, is projected if the Trump Administration can follow-through on the President-Elect’s fiscal policy proposals and infrastructure initiatives. In theory, his proposed guidelines could increase the bottom lines of companies throughout the US while his aggressive fiscal spending could help increase GDP…

Instead of my usual comments on macroeconomic trends we are tracking, we will be reaching out to each of you individually to extend the opportunity to have a discussion with the investment team about our progress thus far, how we see things unfolding over the next several quarters, and what we plan to do to best position the fund for success over that time period. We look forward to speaking with each one of you, and would like to express our continued thanks for your patience and trust through this process…

As I write this letter we are in the middle of the third earnings season for calendar year 2016, and so far about three quarters of companies have beat analyst consensus, with only about a sixth missing. In a moment, I will discuss the absolute levels of company earnings that we have seen so far this quarter and for the year to date, but I want to highlight a few things we have found (that concern us) as it relates to estimates for earnings…

Reflecting on our first quarter of activity, the team and I are fairly positive about how we have done so far. We certainly have a few areas in which we need to grow, but given the challenges inherent with a new launch, coupled with the difficulty of the overall market environment, we are pleased with how we have continued to problem solve and identify the best opportunities for the Fund…

As promised in last month's letter, now we will take a look at a comparative study between Japan and the U.S., what this means potentially for the economy moving forward, and most importantly, what it means for what you should look for in future investments…

There have been more than a few economists and economic commentators alike that talk about the economy being in a state of “new normal.” There are a few areas of concern, which I will highlight in a moment, but on the whole we see this new state as a great opportunity. The rules of the game are changing, and each manager, young and old, are having to learn them as they are written…