We are committed to transparent and open communication with our clients and prospects. Our investment letters provide insights into our independent thinking and demonstrate the consistency in our views over time.

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Discussion on Recent Market Declines with Particular Emphasis on Financial Services Sector »
March 24, 2008
Our pledge to investors includes the following statement “We will communicate with our clients about our investment performance in a manner that will allow them to properly assess whether we are deserving of their trust.” Over the past several months...
Update on Diamond Hill Strategic Income Fund »
March 17, 2008
The unwinding of leverage in the financial markets has accelerated dramatically in recent days culminating in the New York Fed’s intervention on behalf of Bear Stearns (a 0.0% position as of 2/29/08) on Friday. Even firms with high quality assets...
Update on Diamond Hill Strategic Income Fund »
November 27, 2007
November has been the most difficult month in the history of the Diamond Hill Strategic Income Fund. Much of the weakness can be explained by the performance of the preferred securities in our portfolio. The Strategic Income Fund has long...
A Discussion on the Implications of Interest Rates and the Value of the U.S. Dollar to the Investment Markets »
November 5, 2007
As we mark the 20 year anniversary of the market decline of 1987, I am reminded of the events of that day and their effects on the market. I was in my third year of managing an equity mutual fund...
Impact of August 17th Federal Reserve Board Action on the Fixed Income Environment »
August 21, 2007
On the morning of Friday, August 17, 2007, the Federal Reserve Board reduced the discount rate from 6.25% to 5.75% and allowed financing for as long as 30 days, renewable by the borrower, rather than overnight financing. Further, Fed representatives...
Greed Gives Way to Fear: A Discussion of the Current Investment Market Environment »
August 16, 2007
Fear and Greed An old adage about the financial markets is that they are driven by fear and greed. We have observed in recent periods that in many parts of the market it appears investors have been willing to ignore...
Discussion of Current Fixed Income Market Environment »
August 6, 2007
We are currently in the midst of the most difficult investment environment that we have faced for the Diamond Hill Strategic Income Fund since its inception. In fact, the credit and market liquidity conditions today are quite similar to when...
The Rouge et Noir Hedge Fund »
December 31, 2006
I am fortunate to have come from a family that introduced me to investing at a young age. My brother shared that background, and we continue to spend considerable time discussing various investment and economic topics. He works for a...
Discussion of Q3 2006 Investment Results with Particular Emphasis On Energy Holdings »
September 30, 2006
To view this full letter with graphics, please download the PDF. Our pledge to investors includes the following statement “We will communicate with our clients about our investment performance in a manner that will allow them to properly assess whether...
In the Long Run »
December 31, 2005
At Diamond Hill, our core investment tenets encourage independent, businesslike, and long-term thinking. This piece discusses our thoughts on what constitutes the long-term and some of its practical effects on our investment approach.  The Eagles wrote a song about it....
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