Inkwell’s primary focus is on achieving satisfactory investment results for its clients. While we are busy with that, though, we want to engage you in the process by telling you our thoughts as we go about our business. We believe that the more you understand our investment philosophy and our way of thinking, the more comfortable you will be with our investment decisions.

Each quarter we write a letter to our clients which contains our reading of the current market climate and our thoughts on how best to navigate it. We also write occasional memos on topics that catch our eye or that we think might be interesting to our clients.

Below is a collection of these publications.

  • Quarterly Commentaries

    • 2016
      An unlikely loser surfaced this election season: the polling industry.
      Our turnover has been very low recently.
      Panic over Brexit prompts us to say, "Keep Calm and Carry On."
      The stock market has just as many dips, dives, twists, and turns as an actual roller coaster.
    • 2015
      What is the opposite of a New Year's resolution?
      When looking at stock market returns it is good to keep everything in perspective.
      While hitting for the cycle is a rare feat in baseball, investing for the cycle is something Inkwell strives for every day.
      Spring is Inkwell's favorite time of year, but it's not because of all the flowers and sunshine.
    • 2014
      2014 was a year of surprises.
      How long does it usually take the stock market to double?
      Hop on the Buffett train--a look at the history of Berkshire Hathaway.
      How to live forever.
    • 2013
      What's in a typical Inkwell portfolio these days?
      The stock market continues to hit new highs... now what?
      Will rising interest rates cause the stock market to sink?
      Compound interest--the eighth wonder of the world.
    • 2012
      How much does GDP growth influence the stock market? Spoiler alert: close to none.
      Do you have the guts to be a value investor?
      Recap of our annual pilgrimage to Omaha, Nebraska.
      A tale of two companies--"it was the best of companies, it was the worst of companies."
    • 2011
      Why we are bullish right now.
      What the recent volatility in the stock market should mean to you.
      Inkwell's first quarter--what you can expect from us, what we'll expect from you.
  • Memos

    • 2016
      June

      It's always possible for an investor to make portfolio-destroying decisions, even for the legends of the game.

      May

      Rich people may be more susceptible to succumb to financial fraud. Make sure you're not one of them.

      April

      It takes much more than raw intelligence and knowing how to use a spreadsheet to make it in the investment business.

      March

      The stock market has been little more than flat over the recent past. What returns can investors reasonably expect going forward?

      February

      Is it possible to find a stock that will return 100 times your original investment?

    • 2015
      December

      Companies buying their own stock is all the rage right now. Should investors be excited about it?

      November

      The future of the stock market is always hard to predict, but one long-term metric can give us a rough idea of what to expect.

      October

      How a slow-growing stalwart company can produce higher investment returns than a high-growth tech upstart.

      September

      August 24, 2015 was a wild and crazy day in the stock market. Our suggested response to the madness.

      August

      The lion's share of the stock market's gains in 2015 have been driven by just a handful of companies.

      July

      Investment managers who invest the same way as their clients tend to earn higher returns.

      June

      A closer look at Robert Shiller's Cyclically Adjusted P/E (CAPE) valuation metric

      May

      A closer look at a market valuation tool known as the Buffett Indicator

      March

      Economic forecasters tend to have a virtually unblemished record of failure.

      January

      How ten current mutual funds stack up against the market.

    • 2014
      December

      Beating the market is possible, but might entail some short-term pain.

      November

      The boxed chocolate business is a seemingly poor one: regionalized tastes, highly seasonal sales, and little to no growth. However, See's Candies has been nothing short of a home run investment. Here's why.

      September

      A new-ish metric called Active Share can help you know if your portfolio has a good chance to beat the market or not.

      August

      Benjamin Graham, the dean of value investing, used to have his students compare the investment merits of two companies simultaneously. This is just such a comparison of two restaurant companies whose main products are heavy on the gluten.

      July

      Scott Adams, creator of the popular Dilbert cartoon, has some insightful opinions that can help us become better investors.

      June

      The stock market continues to roar ahead, even though seemingly every pundit is calling for a correction. What's an investor to do?

      February

      History repeats itself. Warren Buffett recently bought a sizable stake in ExxonMobil, just as he did about 30 years ago. A look at the two investments.

      January

      Questions you should ask of anyone you are contemplating hiring to manage your portfolio.

    • 2013
      November

      Risk is not volatility, though everyone else on Wall Street will try to have you believe it. We present a better definition.

      October

      A look at the ever-changing make-up of the Fortune 500, with some entertaining blasts from the past.

      September

      Most investors trade too frequently, and too emotionally. This is a dangerous course and could be ruinous to your portfolio.

      August

      Why the stock market sometimes values tiny start-ups more richly than their larger, established competitors.

      July

      How a group of seemingly eccentric CEOs transformed their companies and created tons of stock market wealth in doing so.

      June

      Intelligence is not a sufficient condition for investment success; in fact, it may hurt more than help.

      April

      How a simple formula from a chemical company can help you invest better.

      March

      A satirical look at the foibles of the professional investment research community.

      February

      How judicious capital allocation in a public company's management can help juice shareholder returns.

    • 2012
      December

      You may be dangerously over-diversified and not even know it.

      November

      Will Barack Obama or Mitt Romney lead to a stronger stock market? The answer may surprise you.

      September

      How to live to 100 and find investments that will last as long as you.

      August

      The latest book from investing legend Howard Marks has a lot to teach us.

      June

      Picking a good company is only part of the investment puzzle; knowing the right price to pay is even more important.

      May

      A primer on security analysis. Bonus: The stock we picked was bought out a few months later.

      April

      You may be your own worst enemy when it comes to investment success.