Chris Welch

We don't interpret meaning in how stocks are priced. People tend to think if a stock falls 30 to 40 percent, it must mean things are worse than they realize. We don't think that way and just stay focused on our estimate of intrinsic value. It can happen that a stock falls 30 percent but [...]

Chris Welch

At the end of every quarter we get a report showing the holdings we had in each portfolio five years ago and how those stocks have performed over the ensuing five years. The goal is to assess the decisions we made and whether the estimates of intrinsic value upon which those decisions were based were [...]

Chris Welch

While we may not always be able to estimate it with great confidence, every stock has an intrinsic value that is independent of its current market price and tends to be far less volatile than that market price. That’s because market prices partly reflect investor emotions, while intrinsic values reflect business fundamentals. Given that over [...]