Client Letter - Richard C. Young & Co., Ltd.

A Record Level of Investor Complacency

July 28, 2017

July 2017 Client Letter

Last month I wrote to you about the deleterious effects of the central-bank liquidity bubble on deep-value opportunities. Deep value stocks aren’t the only casualty of excess central-bank liquidity, though. There is a more ominous problem brewing in markets. Global central banks’ hair-trigger approach to providing monetary stimulus at every hint of market turmoil has institutionalized the idea that volatility will not be tolerated.

The Central Bank Liquidity Bubble

June 30, 2017

June 2017 Client Letter

Many of our long-time clients may recall the name Longleaf. For those who do not, Longleaf is a family of mutual funds managed by Southeastern Asset Management. Southeastern is a boutique value manager. When mutual funds played a bigger role in our investment programs, we invested in the Longleaf funds for clients.

Long-Term Investing Not as Easy as it Looks

May 31, 2017

May 2017 Client Letter

Investing for the long run is not easy. There is a reason many investors are impatient. If you are looking for instant gratification, long-term investing isn’t for you.

How Diversified is the S&P 500?

April 30, 2017

April 2017 Client Letter

In 2015, when the stock market squeaked out a small gain, it was a handful of the most speculative names (the so-called FANG stocks, Facebook, Apple, Netflix, Google) that accounted for the entire return on the S&P 500.

Great Businesses at Reasonable Prices

March 31, 2017

March 2017 Client Letter

We have shied away from purchasing the stock. At Richard C. Young & Co., Ltd., we focus on purchasing what we believe to be great businesses. But buying a great business is not our only focus. We also seek to buy companies at reasonable prices. When investors ignore value, the results can be ugly.