News & Insights

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...

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...

LSOFX Q2 2021 Shareholder Letter

Current Market Environment Transitory. Anyone following the markets during the second quarter heard the word bandied about ad nauseam, and the question of whether inflation would...

LSOFX Q1 2021 Shareholder Letter

Current Market Environment The new year began with the Georgia Senate runoff which saw both seats going to Democrats, thereby giving the Dems an effective majority in the Senate....

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....

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