News & Insights

LSOFX Q3 2023 Shareholder Letter

Current Market Environment In the third quarter, the market seemed to grapple with a "higher for longer" interest rate environment. The benchmark 10-year Treasury rose...

LSOFX Q2 2023 Shareholder Letter

Current Market Environment “Don’t get caught up with what other people are doing. Being a contrarian isn’t the key but being a crowd follower isn’t either. You need to detach...

LSOFX Q1 2023 Shareholder Letter

Current Market Environment The first quarter of 2023 was akin to a play with three distinct acts. However, unlike a traditional play in which the first act introduces a problem,...

LSOFX Q4 2022 Shareholder Letter

Current Market Environment “This time is different.” As 2022 began, that sentiment seemed pervasive. With the S&P 500 trading close to all-time highs, continuing to be led by...

LSOFX Q3 2022 Shareholder Letter

Current Market Environment According to ESPN major league baseball (MLB) analyst, Doug Glanville, MLB instituted the “warning track” in 1949. This came after a Brooklyn Dodgers...

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...

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...

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 rearview...

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...

LSOFX Q3 2021 Shareholder Letter

Current Market Environment Cases of whiplash must have spiked lately. After all, in a few short months, market commentators have abruptly transitioned from: “inflation is...

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