A review of the quarter: the high-level themes have continued.

“Making the macro micro” around demand trends, inflation concerns, valuations, and earnings. We discuss Comcast, Visa, Dollar General, Alphabet, and more.

One year since lockdown: CIO Paul Moroz summarizes the major market themes of the past four quarters and how it has (and hasn’t) affected our process and way of looking at the world.

Deputy CIO Christian Deckart discusses market performance in a “story of three quarters” and some new holdings we added to the portfolio.

Lead portfolio manager, David Ragan, discusses how the portfolio did over the past year, why some companies were more resilient than others, and what makes skepticism a competitive advantage.

A look back on the major investment themes of 2020, and a look ahead at some of the risks and opportunities on our radar.