News & Insights

LSOFX Q4 2019 Shareholder Letter

“Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once-unthinkable dosages will almost certainly bring on unwelcome...


LSOFX Q3 2019 Shareholder Letter

An accommodative monetary policy does not come without costs. The most obvious being the dependency on cheap and abundant debt. Nonfinancial corporate debt as a percentage of GDP...

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LSOFX Q2 2019 Shareholder Letter

While the first quarter of 2019 ended with a sense of optimism that trade negotiations were going well with China, the second quarter was a roller coaster of renewed tensions with...

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LSOFX Q1 2019 Shareholder Letter

It’s been a year since Jerome Powell led his first FOMC meeting as Chairman. Powell’s outlook on the economy at the time was rosy. During the March, 2018 meeting the economic...

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