On this first business day of the new year, I’m pleased to attach our 2018 annual letter. A few key thoughts:
- Global growth is slowing, but high-quality companies in specific areas of the market still offer opportunity
- The need for a US alternate source of revenue is driving tariff and trade wars – though the likelihood of a deal with China is high
- The battle between Trump-driven growth and Fed restrictive monetary policy will create a lot of noise and hand-wringing ..and opportunity
I hope you enjoy these random thoughts.