News & Insights

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...

Management Access: A Surprising Bright Spot for Investors During Pandemic

We place a high premium on direct contact with management while researching potential investments, and also as part of our ongoing work on current holdings.

Playing the Recession Playbook in Defense, Part 2

Last week, we discussed how we have been active investors in the defense industry for years. There are a number of aspects we find attractive in the industry:

We have been active investors in the defense industry for a number of years.

Playing the Recession Playbook in Defense, Part 1

We have been active investors in the defense industry for a number of years. There are a number of aspects we find attractive in the industry:

LSOFX Q2 2020 Shareholder Letter

The COVID-19 global pandemic continued to have massive implications during the second quarter, as cases continued to rapidly rise in the United States. The unemployment rate...

LSOFX Quick Links


        Fact Sheet         

Presentation

     Analytics