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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
Investment Letters
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...
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
Investment Letters
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....
The efficient market theory suggests that while investors are not clairvoyant, they are rational, informed, and unbiased. Based on these conditions, one can expect that the current stock price is the best estimate of the true value for a security....
Of Models and Men
Investment Letters
Financial models are often used to quantify return and risk expectations. The purpose of these models is to capture complex realities in a form useful for decision-making. At Diamond Hill, the principal model we employ for evaluating equities was first...
The Times They Are A-Changin’
Investment Letters
"The line it is drawn the curse it is cast The slow one now will later be fast As the present now will later be past The order is rapidly fadin' And the first one now will later be last...
“It is dangerous to apply to the future inductive arguments based on past experience, unless one can distinguish the broad reasons why past experience was what it was.” — John Maynard Keynes Applying Keynes statement to the S&P 500, the...
The Meaning of Risk
Investment Letters
Webster’s dictionary defines risk as the possibility of suffering harm or loss. While Webster’s is not infallible, we believe this definition is reasonably close to a common sense definition of the term. Thus, financial risk is the possibility the money...
The philosopher George Santayana said, "Those who cannot remember the past are condemned to repeat it." Many investment "professionals" have taken this slogan to heart, spending an inordinate amount of time looking at the long ago past in an attempt...
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