News & Insights

LSOFX Q2 2022 Shareholder Letter

Current Market Environment We find ourselves questioning the maxim, “Good things come to those who wait.” After waiting years for interest rates to rise, thereby ushering in a...

Weathering the Storm

THE RISKS OF A LONG-ONLY PORTFOLIO Many leading economic indicators are flashing warning signs for investors. As such, investors have been selling equity stakes since the...

The Good, The Bad, and Hedge Funds

BREAKING DOWN HEDGE FUNDS The term hedge fund carries a plethora of connotations, some good and some bad. On one hand, notable hedge funds have pioneered investing strategies,...

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...

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