Quarterly Letters To Clients
2016 was a year full of surprises, starting twelve months ago when U.S. equity markets suffered their worst January in history. Yet contrary to the adage, “As January goes, so goes the year,” 2016 was indeed a very good year. Perhaps no surprise was greater than the emergence of political outsider Donald Trump amongst a field of established political contenders for the Republican Presidential nomination, from the back of the pack, to serious contender, to frontrunner, to President-elect.
Medley & Brown Blog
As I have done in the past, in February I flew to Los Angeles to hear Charlie Munger speak at the annual stockholders meeting for the Daily Journal, a California newspaper for lawyers. Charlie is the chairman and after a few questions about the business operation of the Journal, he responded to general questions over a wide range of topics. From other transcripts of the meeting and my own notes, what follows, with light editing, are a few of the questions and his answers:
(Note: A version of this article was first published in the March/April issue of Portico Jackson magazine, and is posted here with their permission.) Very recently, legendary fund manager Bill Miller was the guest host on CNBC’s morning program, Squawk Box. For those of you unfamiliar with Mr. Miller, he first gained fame for 15 consecutive years of market-beating performance managing the Legg Mason Value Trust mutual fund, and more recently, after some difficult years and a reorganization of his investment firm, he has re-emerged as a top fund manager, as his Legg Mason Opportunity Trust achieved stellar results for the five years ending December 31, 2016.
Meet Our Team
Tim C. Medley
Tim Medley has been in the investment business since 1967, founded the predecessor to our firm in 1988, and was the first person in the State of Mississippi to be awarded the CFP® certification.View Profile
Eddie Carlisle, CFP® joined Medley & Brown, LLC, in May 2006, having previously practiced law for five years at Watkins & Eager, PLLC.
Eddie serves as the firm's Chief Compliance Officer.View Profile
Julius Ridgway, CFA joined Medley & Brown, LLC, in July 2002. He has over 15 years of direct investment experience, and spent the previous ten years involved in various aspects of financial services, banking and real estate.View Profile
Doug Muenzenmay, CFA, CFP® joined Medley & Brown, LLC, in April 2010. Doug has 24 years of capital markets experience including portfolio management for individuals, institutions and endowments.View Profile
Quotes & Commentary
Since 1926, the market’s cheapest stocks have outperformed their more expensive counterparts by 4.6 percentage points annually, according to data assembled by Dartmouth’s Kenneth French. But that was then. Since February 2007, the cheapest stocks in the U.S. have lagged their more expensive counterparts by 2.6 percentage points annually....