The Reading Room
Independent research, openly shared.
Our research is written first for our partners and clients, and made available here in the same form. We believe transparency about how we think is more valuable than transparency about what we own.
“On the patience required of long capital.”
Twelve years into an unusual cycle, the temptation to abandon discipline has rarely been greater. Our first letter of the centennial volume returns to first principles — and explains why we remain almost entirely uninterested in what the next quarter holds.
— Aleksander Dobrey III
Index of Recent Publications
From the desk.
The case for owning fewer companies, more carefully.
— Catherine Dobrey-Pearce
On the persistence of mean reversion in IG credit.
— Robert Caldwell, CFA
Real assets and the next inflation regime.
— Margaret Lin
Quality at a reasonable price: a fifty-year retrospective.
— D. Okonkwo
Capital expenditure cycles in heavy industry.
— Y. Tanaka, PhD
Volume CI, No. 4 — Year-end commentary.
— A. Dobrey III
Quarterly Letter
Have the Quarterly Letter delivered.
Four times a year, the Managing Partner writes directly to clients and friends of the firm. No marketing — just the firm's honest read of the markets.