Overall, I would characterize our overall performance last year as below par. The companies we own are seemingly safe at the time of purchase, but due to major disruptions and panic in the last few months of the year, they got a lot cheaper. Clearly, looking back I could have been more cautious, and I failed to recognize the magnitude of the crisis that was unfolding.

Expectations for the year ahead are all over the map.  Generally it is good to hear so many divergent economic and investment opinions to help build a wall of worry among investment managers. The old adage on Wall Street says “the market loves to climb a wall of worry”.    A growing wall of worry creates one of the best investment environments for equity investors.