News & Insights

Old School Value Revived

Flip on financial TV, and you might come across a segment about the so-called death of value investing. After years of outperformance from high-flying and sexy growth stocks, many...

LSOFX Q1 2022 Shareholder Letter

Current Market Environment The new year started as we expected: inflation continuing to rise, the Federal Reserve getting increasingly hawkish, interest rates rising, and with a...

Commodity Prices Remind Us Why We’re Allergic to Leverage

One major impact from Russia’s invasion of Ukraine has been to pour fuel on the fire of rising commodities. And, as we are often reminded during crises, it’s difficult to see...

LSOFX Q4 2021 Shareholder Letter

Current Market Environment Don’t Fight The Fed  2021 began with a hopeful optimism of a soon-to-be vaccinated world, and our being able to put the COVID-19 pandemic in the...

January in Charts: Value Comes Back in a Big Way

It’s only a month, but value stocks have significantly outperformed growth out of the gate in 2022. While we won’t try to make a call on whether this is a long-term rotation, we...

Markets within Markets: Three Charts that Put Stock Divergences in Perspective

Rarely can entire markets be characterized by a broad, sweeping statement. Instead, we often find there are “markets within markets” – pockets of the stock universe that are...

Does the Bank M&A Wave Still Have Legs?

Banks are on pace for their biggest year of M&A activity, in terms of dollar volume since the financial crisis, confirming one of our investment theses for the industry. And we...

LSOFX Q3 2021 Shareholder Letter

Current Market Environment Cases of whiplash must have spiked lately. After all, in a few short months, market commentators have abruptly transitioned from: “inflation is...

Tell-tale Signs Management Interests Are Aligned with Shareholders

It’s hard to have conviction in a company’s direction without thorough knowledge of the people steering the ship. As such, we place a high priority on getting to know management...

LSOFX Q2 2021 Shareholder Letter

Current Market Environment Transitory. Anyone following the markets during the second quarter heard the word bandied about ad nauseam, and the question of whether inflation would...

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