News & Insights

Questions We Ask Before We Invest

Successful investing doesn’t have to mimic rocket science. Warren Buffet breaks it down well in his first two rules of investing:

Industry Spotlight: Property-Casualty Insurance for Commercial Lines

Businesses purchase insurance for vehicles, property, liability, and employees, among others. Workers’ compensation insurance is mandated by law, but most other coverages are...

Value Stocks as a Fixed Income Replacement

The yield component of value stocks can play a valuable role in client portfolios given the lack of yield currently available from traditional fixed income asset classes as well...

Do People Really Understand What’s in an Index?

Have you ever been researching a stock and noticed that it has no P/E ratio? This is usually because the company is unprofitable and thus has no earnings to use as the denominator...

Potential Market Implications of the “Blue Ripple”

The following blog is an excerpt from our Q4 client letter that was written in late January 2021. We believe the information around industrial production, inflation and bond...

LSOFX Q4 2020 Shareholder Letter

First and foremost, we hope this writing finds you and your families healthy. It’s been a long twelve months and no one could be criticized for being happy to see the end of 2020....

Why the Rally in Bank Stocks Can Continue, Part 2

In part one of our blog series Why the Rally in Bank Stocks Can Continue, we discussed the improving clarity on loan losses and reserve levels, and we began examining the...

Why the Rally in Bank Stocks Can Continue, Part 1

We recently published a blog entitled Banks in 2008 Versus 2020: This Time Part of the Solution, in which we contrasted the role banks played in the Global Financial Crisis versus...

Banks in 2008 Versus 2020: This Time Part of the Solution

During the Financial Crisis, banks were nearly responsible for the collapse of the financial system given excess leverage, toxic balance sheets, mismanagement, and questionable...

LSOFX Q3 2020 Shareholder Letter

The benchmark S&P 500 continued its charge higher during the third quarter, despite significant increases in COVID-19 cases and certain states such as Florida, Texas, Arizona and...

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