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The above quote from Warren Buffett suggests to us that if we can assess the future economic fundamentals reasonably well and maintain our valuation discipline, we will continue to provide a value-added service to those who invest with us, which...
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...
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...
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...
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...
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...
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...
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...
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