Reflections on Four Decades of Investing

Looking back over my many years in the investment management industry, the importance of a handful of themes jumps out at me. First, technology has been, and always will be, an incredible driver of change. Next, understanding the human condition is as important as any investment analysis. And while market cycles today tend to be longer than they have been historically, cycles are not yet a thing of the past. Additionally, free cash flow and dividends are critical elements in sustained investment success. Finally, at this stage of the market cycle, investors may want to focus on the margin of safety rather than concentrating purely on profit margins.