Matthew McLennan

As value investors, we're quite used to being short on social acceptance at different periods of time. It's always important to keep in mind that our own balance and equanimity should not be based on external perceptions.

Matthew McLennan

At the heart of value investing is the notion of mean reversion, that by paying a low multiple on a conservative margin you can win with the passage of time as the valuation of the business and the margins normalize. What can break that and cause mean aversion, though, are things like fading business models, [...]

Matthew McLennan

We have a five-year average holding period. Particularly in a volatile market like today's, people are trying to zig and zag ahead of every market turn that they're hoping they can forecast with scientific precision. We like to plant seeds and then watch the trees grow, and our portfolio is often kind of a portrait [...]

Matthew McLennan

Starting with the first recorded and reliable history that we can find a history of the Peloponnesian war by a Greek author named Thucydides and following through a broad array of key historical global crises, you see recurring aspects of human nature that have gotten people into trouble: hubris, dogma, and haste. The keys to [...]