Galeanu Mihai/iStock via Getty Images By Samantha McLemore A Differentiated View on Diversification “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” – Misquote by Charles Darwin Patient Opportunity Equity strategy advanced 11.8% net of fees in the…
Igor Kutyaev/iStock via Getty Images By Samantha McLemore “The big money is not in the buying and selling, but in the waiting.” Charlie Munger In this letter, we discuss the current environment and how we are responding. We also reflect on 2023: what we’ve done well and where we made mistakes. Before we get to…
Zerbor/iStock via Getty Images Investment Overview Bristol-Myers Squibb Company (NYSE:BMY), the Princeton, New Jersey-based Big Pharma concern, experienced a poor year in terms of share price performance in 2023. BMY is currently the seventh largest of the “Big 8” U.S.-headquartered global Pharmas, with a market cap of ~$107bn at the time of writing. Eli Lilly…
Helena GH/iStock via Getty Images Armada Hoffler Properties (NYSE:AHH) is a vertically integrated REIT that owns and operates a variety of real estate assets in southern half of east coast that include mixed-use, retail, multi-familiy residence and office properties. The company also has a side business that consists of offering services related to construction and…