Yearning for Order

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.

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