Staying invested is hard when everyone else tells you to be scared and the doomsayers support their beliefs with models and news reports. However, as Thomas Malthus, Jimmy Carter, and Paul Ehrlich all found out, the world rarely ends and it is the optimists and those that bet on humanity’s capacity for progress, that make money.

This week’s note includes a video, and the video includes PUPPIES! Our firm helps support Jenni’s Rescue Ranch and my wife does a lot of work with the dogs, so my house is often filled with puppies. If you are interested in fostering or adopting, you should check them out.

Today’s note is just a recap of our investment process along with a brief explainer on some small shifts we made in response to changing market conditions.

As much as I promote the benefits of stock investing for the long run, it is important to remember that most individual stocks are terrible long-term investments.

If you are looking for a long-term inflation hedge, we believe you are better off in equities rather than gold.

For this week’s note, we wanted to provide a recap of our recent presentation.