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    The "Portfolio Review" is a quarterly newsletter designed expressly for clients of the firm.  You may register to receive the latest issue. Unfortunately, SEC regulators, in their infinite wisdom, have deemed it inappropriate to mention any specific security in these newsletter, and have instructed us not to distribute back issues. Going forward, we will publish "Portfolio Review" without any mention of any specific security. Thus no back issues prior to July 2017 are available or can be sent to anyone, client or otherwise. We regret this since discussion of why we sold a specific stock--or why we decided to hold--is valuable information both to clients and interested parties, providing insight into our management process. However, SEC regulators think you should not be exposed to such discussions. You may download archived issues from July 2017 forwards.

    In addition, from time to time Special Reports are posted here on timely and relevant topics that might affect our outlook and investment strategy.  

    These documents are in .pdf format and you will need Adobe Acrobat Reader in order to see them. If you do not already have Adobe Reader on your computer, you may download it free of charge by clicking the icon below.

    Should you have any questions regarding any of the material you read, feel free to contact us for more information.




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