“Remember that there is nothing stable in human affairs; therefore avoid undue elation in prosperity or undue depression in adversity.” —Socrates, 399 B.C.
“In the economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause— it is seen. The others unfold in succession— they are not seen: it is well for us if they are foreseen.” —Frederic Bastiat, That Which Is Seen, That Which Is Unseen, 1850
Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees in July, for a year-to-date return of -15.8%. Bonhoeffer Fund, LP, is a value-oriented private investment partnership for . . . SORRY! This content is exclusively for Read More
“Res nolunt diu male administrari. Things refuse to be mismanaged long. Though no checks to a new evil appear, the checks exist, and will appear.” —Ralph Waldo Emerson, 1844
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”—Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds, 1912
Martin Capital Management: Why We Worry Top-Down and Invest Bottom-Up
“A rising tide lifts all ships” is bandied about in our profession like a shuttlecock at a garden party badminton game.