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...

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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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