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Below is our monthly commentary on topics covering the markets, the economy, and our investment approach. To receive an email notifying you when our blog is updated, fill out the form at the bottom of this page.

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Zero Interest Rate Policy – Coming to a Central Bank Near You?

Zero interest rate policy or “ZIRP” is a macroeconomic concept that describes a period of extremely low (or zero) nominal interest rates. It is often accompanied by poor economic growth and is used by a central bank in an attempt to devalue its country’s currency and stimulate economic growth and inflation. ZIRP may also be […]

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Repercussions from the Oil Price Collapse

Over the five years spanning October 2009 to September 2014, the price for one barrel of West Texas Intermediate (“WTI”) crude oil averaged $92.04. Looking back even farther, over the ten year period ending in September 2014, the price for this same barrel of crude oil averaged $81.11. It is under that pricing environment that […]

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Moats: Not Just for Keeping the Black Knight at Bay

As many equity indices just registered the sixth year of a bull market, we thought it would be a good time to reflect on one of the tools we like to use when conducting fundamental analysis on individual securities. It can be tempting to get caught up in bull markets like these, thinking that securities […]

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