This is something you’ve mentioned in past newsletters and writings, but I’m not sure what this means. Can you explain what you mean by the ‘Capital Cycle Effect’ and what it means for investors? One of the “laws” of economics is that capital flows into and out of industries based on the strength and weakness of investment returns. High returns attract more capital, while poor returns have the opposite effect. In other words, investors overpay for businesses when they’re at t

Are there any financial or investment-related activities, questions, or concerns that I should be thinking about or addressing as we approach the end of the year and the beginning of a new year? This is a good question, but the short answer is no. This is a theme that comes up for me repeatedly: as a value investor, the same underlying principles apply to my decision-making year after year. Yes, the market will run into unexpected events, and there will be risks in 2022 that