We send newsletters to our clients, colleagues, and interested parties each calendar quarter. Our newsletters provide us with the opportunity to share our current views on the financial markets as well as timely opinions on various wealth management topics.
I attended an investment conference recently and one of the speakers was Stephen
Friedman, former Chairman of Goldman Sachs. During his
fireside chat, he mentioned that when it comes to investing,
he follows some basic rules of risk management. He said that these rules were
universal truths that grandparents have shared with their grandchildren over multiple generations.
As part of our job as investment managers,
we read numerous shareholder letters every
year. Occasionally, these letters offer a unique
perspective or insight that renews our enthusiasm for
how we think about businesses and the art of long-term
investing. The most recent letter from Amazon CEO Jeff
Bezos is a gem that has kept our attention since it was
published in April.